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 biotechnology company Spectrum Pharmaceuticals (Nasdaq: SPPI) dipped as much as 15% after the company reported its second-quarter earnings.

So what: For the quarter, Spectrum reported a whopping 51.5% increase in revenue to $68.7 million, led mostly by strength from its combination therapy, Fusilev, which is used for palliative care in patients with advanced colorectal cancer. Profits didn't lag either, up 48% from the previous year to $0.37. Both figures come in well ahead of estimates found on Yahoo! Finance.

Now what: If the results are so strong, why is Spectrum Pharmaceuticals down? It probably has a lot to do with the extended stagnant growth of Zevalin, a treatment for follicular lymphoma, and a recent string of poor clinical data from bladder cancer drug hopeful, apaziquone, that it is developing in partnership with Allergan (NYSE: AGN).

In spite of this, and Wall Street's recently reduced earnings estimates, I see a lot of opportunity to be had with Spectrum. Its purchase of Allos Therapeutics (Nasdaq: ALTH) will add the already FDA-approved Folotyn for the treatment of relapsed or refractory peripheral T-cell lymphoma to its growing product portfolio, and it seems likely that the drug will be approved in Europe as well. At just nine times forward earnings, I would consider today's sell-off a fantastic opportunity to buy into the Spectrum story.

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