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 Array Biopharma (NASDAQ:ARRY) climbed 10% today after a Wall Street analyst upgraded the biotechnology company from neutral to overweight.

So what: Along with the upgrade, Piper Jaffray raised its price target on the stock to $7, representing a whopping 63% worth of upside to Friday's close. The analyst cited potentially positive study data out later this year, as well as attractive partnering opportunities in 2013, for the bullish call, reigniting investor optimism over its prospects going forward.

Now what: I'd be cautious about getting too excited over today's upgrade. After all, Piper estimates that Array only has enough cash on its balance sheet -- $110 million -- to get to the middle of next year, leaving plenty of downside risk if management is unable to secure non-dilutive financing in relatively short order. But while the stock remains just too risky for average Fools, it certainly has enough potent near-term catalysts for biotech-savvy investors to investigate.

Interested in more info on Array? Add it to your watchlist.