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 Endocyte (NASDAQ:ECYT), a biopharmaceutical company focused on developing oncological and inflammatory disease treatments, jumped by double digits -- as much as 13% to be exact -- for the second time in three days after receiving another price target hike by a research firm.

So what: On Monday, R.W. Baird boosted its rating on Endocyte to "outperform" from "neutral" and raised its price target on the company by 44% to $13. Today, Wedbush Securities analyst Gregory Wade boosted his price target on Endocyte to $20 from $16, citing the fact that Wall Street has overlooked the potential for the company's ovarian and lung cancer treatment Vintafolide, which is being licensed out to Merck (NYSE:MRK). Wade estimates that peak sales of the drug -- if approved in the U.S. and Europe -- could reach $500 million domestically and $400 million in Europe.

Now what: I know you've heard this a thousand times before, but keep in mind that analyst actions are rarely long-term drivers of a company's share price, so don't pay them too much credence. However, I can't help but note that I do agree with Wedbush analyst Wade's focus on Vintafolide, which I touched on briefly on Monday. An approval in either the U.S. or EU (or both) would be the most immediate catalyst for Endocyte with everything else coming up a clear second. It's a company that definitely bears watching.

Craving more input? Start by adding Endocyte to your free and personalized watchlist so you can keep up on the latest news with the company.

Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.

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