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 tissue repair products specialist Anika Therapeutics, Inc. (NASDAQ:ANIK) soared 26% today after its quarterly results and outlook impressed Wall Street.

So what: The stock has soared over the past two years on a string of better-than-expected growth, and today's wide Q2 beat -- EPS of $0.40 versus the consensus of $0.23 -- coupled with a positive outlook only reinforces that momentum. In fact, revenue increased a solid 6% while gross margins expanded to 68.5%, from 57.2%, suggesting that its competitive position and operating efficiency are improving rapidly.

Now what: Management expected continued growth and profitability improvement for the rest of 2013.

"Our viscosupplementation business is strong, and we are driving efficiencies in our operations and manufacturing," said President and CEO Charles H. Sherwood. "We are also enthusiastic about our product pipeline."

Of course, with the stock now up a whopping 180% over its 52-week lows and trading at a 20-plus forward P/E, much of that enthusiasm might already be baked into the valuation.