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.

Source: Exelixis

What's Happening: Exelixis's (NASDAQ:EXEL) shares are surging higher by more than 13% ahead of the company's scheduled presentation at the Leerink Swann Global Healthcare Conference on Wednesday February 11th, at 11:30 am.

Why It's Happening: Exelixis suffered a big setback last year when its promising cancer-fighting compound Cometriq failed during an important phase 3 trial evaluating its use as a prostate cancer treatment.

In the wake of that disappointment, investors are wondering whether or not Exelixis will be able to monetize Cometriq in other indications. For example, phase 3 study results for Cometriq in kidney cancer are expected to be reported sometime in the second quarter of 2015.

Investors are also waiting to see if Exelixis and its co-development partner Roche Holdings (OTC:RHHBY) can succeed in winning over regulators with the drug cobimetinib as a therapy for metastatic melanoma. In December, Roche announced that using cobimetinib alongside Roche's Zelboraf reduced the risk of disease progression and death, and as a result, Roche is pursuing FDA approval of cobimetinib. If cobimetinib nets an FDA go-ahead, Exelixis will receive 50% of the profits on the first $200 million in sales, and then a lower percentage that scales down to 30% on sales above $400 million.

Although there isn't any specific news today, it's likely that investors are anticipating that Exelixis will -- at a minimum -- provide additional clarity into its pipeline program and the timing of various catalysts at the conference tomorrow.