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 Alcobra (NASDAQ:ADHD), a clinical-stage biopharmaceutical company focused on developing therapies to treat neurological disorders, jumped as much as 16% after reporting positive phase 2b results for MG01Cl for the treatment of adults with predominantly inattentive attention deficit hyperactivity disorder, or PI-ADHD. Shares have since given back much of their gains and are now up just around 4% as of this writing.

So what: According to the press release, Alcobra enrolled 36 patients with PI-ADHD into three treatment arms -- a single 1,400 mg dose of MG01Cl, a 700 mg dose of MG01Cl, and a placebo -- and then measured the change from baseline according to the TOVA ADHD score. Based on the results, which focused on an intent-to-treat basis, the 1,400 mg dose demonstrated a statistically significant change in baseline while also delivering a statistically significant change in baseline in reaction time variability. Alcobra notes that MG01Cl was well-tolerated in both study arms.

Now what: This is, without question, good news for Alcobra, but I have to admit that many forms of ADHD are frankly difficult to treat because the disease can be tough to diagnose. Alcobra is also a newly public company that's doubled in a matter of months, but has no recurring revenue or approved FDA products at the moment. With that being said, I'm not discounting MG01Cl's clearly positive results today, but I would suggest it may be prudent to keep to the sidelines until we have more late-stage clarity on this drug in a significantly larger patient subset, and until we get a clearer picture on Alcobra's cash position and ongoing cash burn rate.

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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