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 drug developer Incyte (Nasdaq: INCY) jumped as much as 16% in intraday trading after the company reported first-quarter results.

So what: For the first quarter, Incyte reported a net loss per share of $0.21, as compared to a loss of $0.30 last year. Revenue for the quarter clocked in at $32 million, up 85% from the first quarter of 2010. Both revenue and loss per share topped analysts' estimates.

Now what: For a company like Incyte, the quarterly financials are of somewhat less consequence since the real juice for investors will come if and when the company is able to bring its drugs to market. After a strong round of data on its ruxolitinib drug in December, development partner Novartis (NYSE: NVS) reported further positive results in a more recent study. This would seem to put Incyte in a pretty good position when it and Novartis submit marketing applications during the second quarter.

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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool’s disclosure policy prefers dividends over a sharp stick in the eye.