Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of InterMune (Nasdaq: ITMN) fell as much as 16% in early trading after admitting it would have to respond to a damning report issued by German health-care officials.

So what: IQWiG, roughly Germany's equivalent to the FDA here in the U.S., says that InterMune's drug for treating idiopathic pulmonary fibrosis, or IPF, offers no additional benefit to patients. The report was issued before yesterday's market open and buried the stock, which closed off more than 20%.

Now what: Management responded last night, saying it had serious concerns with the IQWiG's methodology and would prepare a response by Jan. 5, 2012. The details of the response are yet to be determined. Do you believe InterMune's follow-up will change minds? Would you buy shares of the biotech at current prices? Let us know what you think using the comments box below.

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