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 in Synergy Pharmaceuticals (NASDAQ:SGYP) jumped by as much as 10% today on reports that the company may be exploring a sale.

So What: According to Bloomberg, Synergy Pharmaceuticals is discussing options, including a potential sale of the company, with advisors.

Synergy Pharmaceuticals is a developer of gastrointestinal drugs, and speculation of a sale could be fueled by the fact that competitor Salix Pharmaceuticals inked a $15.8 billion deal to be acquired by Valeant Pharmaceuticals earlier this month.

Now What: Synergy Pharmaceuticals is a clinical stage company, which means that it doesn't have any currently approved drugs on the market, nor does it have any sales.

It does, however, have an intriguing drug that could be filed with the FDA for approval by the end of this year. That drug, plecanatide, is being developed for irritable bowel syndrome and chronic constipation and has patent protection until 2031, which could make it intriguing to a buyer.

Whether or not a buyer materializes for this company is anyone's guess, but investors should approach this company with caution. It could win over regulators and end up with a product on the market next year, but there's no guarantee that will happen. Also, the company is spending a lot of money. Last year, cash used in operating activity jumped to $89.1 million from $52.6 million in 2013. As a result, the company posted a loss of $1.02 in 2014. For those reasons, this a speculative play that only the most aggressive investors ought to be considering.