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 Halozyme Therapeutics (NASDAQ:HALO), a biopharmaceutical company focused on the development of human enzymes, jumped as much as 19% after the company announced its plans to present clinical data on its phase 1b trial for PEPGPH20 at the American Society of Clinical Oncology meeting later this month.

So what: PEPGPH20 is currently being tested in combination with Eli Lilly's Gemzar to treat metastatic pancreatic cancer. Based on the results from Halozyme's 28 patient phase 1b trial, the overall response rate was 42%, and the treatment appeared to be well tolerated by patients. In April, Halozyme initiated a phase 2 124-patient trial as a first-line treatment for metastatic pancreatic cancer.

Now what: Much like we've witnessed over the past week, investors are getting pretty excited about ASCO -- essentially the most important conference all year for cancer-focused biotechnology companies. While the initial data for Halozyme's investigational new biologic treatment is encouraging, I feel it's still far too early in the process for a double-digit move like the one we're seeing today. Halozyme is a company worth adding to your watchlist, but it's not a particularly intriguing buy candidate as of yet.

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