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 Hyperion Therapeutics (NASDAQ:HPTX), a biopharmaceutical company focused on developing therapies to treat orphan diseases and hepatology-based disorders, jumped as much as 16% after third-quarter earnings results were reported.

So what: For the quarter, Hyperion delivered revenue of $15.5 million, compared to no revenue in the year-ago period when it was merely a clinical-stage company. Ravicti, its recently approved drug to manage select types of urea cycle disorders, saw a 58% revenue jump over the sequential second quarter, to $9.8 million. Despite just recently launching Ravicti, Hyperion was able to report an adjusted profit of $0.15 per share for the quarter, light years ahead of Wall Street's expectations for a slight loss and big reversal from last year's $0.41 per-share adjusted loss.

Now what: My big concern with Hyperion was how well it would do in launching Ravicti. That question appears to have been answered with this report -- the drug's sales growth looks strong. That doesn't exactly make Hyperion a buy in my book just yet, as the company is already valued at five times most peak sales estimates on the Street for Ravicti ($100 million). But the sell-side case also took a major blow with this earnings report. It looks as if we may have a stalemate here for a while.

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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