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 specialty biopharmaceutical company Santarus (UNKNOWN:SNTS.DL) shot higher by as much as 16% after reporting better-than-expected first-quarter results.

So what: For the quarter, Santarus delivered revenue growth of 73% to $79.4 million as profits jumped dramatically to $0.25 per share from just $0.01 in the year-ago period. Wall Street had only been expecting revenue in the $74 million range and a profit per share of just $0.14. Gastrointestinal disorders drug Zegerid was the biggest winner, increasing sales 189% year-over-year to $24.6 million, though type 2 diabetes drug Glumetza -- which contributed about 52% of total revenue -- saw sales increase 33% as well. Looking forward, Santarus boosted its full-year revenue and EPS guidance from $320 million to $325 million and $0.63-$0.68, respectively, to $330 million to $340 million and $0.72-$0.81.

Now what: It was another great quarter for Santarus, but I'm still having trouble with the near-vertical ascent in its share price. In order for Santarus to keep its current valuation it'll need sales from recently approved mild-to-moderate ulcerative colitis drug, Uceris, to really take off -- and the $6.6 million generated this past quarter was just so-so in my books. I definitely feel it's a company worth watching, but I'd still rather be on the sidelines after this big run higher.

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