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 Tesaro (NASDAQ:TSRO), a biopharmaceutical company focused on cancer-based therapies, rose as much as 17% after the company announced its final phase 1 data for Niraparib, an inhibitor of poly ADP-ribose polymerase for the treatment of breast and ovarian cancer.

So what: Tesaro announced today that it plans to present its findings at the upcoming American Society of Clinical Oncology meeting at the end of the month. Results from the final examination of its phase 1 trial (originally presented in 2011 at ASCO) confirmed the initial results in 2011, as the company noted plans to move directly to phase 3 trials for ovarian cancer by mid-year and breast cancer by the second half of this year.

Now what: While these confirmatory findings are encouraging, Tesaro shares have practically tripled since they debuted less than a year ago. As a purely clinical-stage company, it's very difficult to justify this $1.1 billion valuation, especially with investors pumping up the valuations of many oncology-based biotechs in anticipation of ASCO in two weeks. I'd suggest carefully watching the data here, but I certainly don't feel Tesaro is anywhere near an intriguing buy.

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