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 BioDelivery Sciences International (NASDAQ:BDSI), a biopharmaceutical company focused on developing therapies designed to treat pain management and oncology supportive care, skyrocketed by as much as 49% after it, and partner Endo Health Solutions (NASDAQ:ENDP), reported their top-line results from a phase 3 trial of BEMA buprenorphine in opioid-naïve patients with moderate-to-severe chronic pain.

So what: According to the press release, the phase 3 trial met its primary endpoint of a reduction in the daily average pain numerical rating scale scores from baseline in a study involving chronic back pain. There is also an ongoing second phase 3 trial that could have results as early as the second-half of 2014. The positive results also triggered a $10 million milestone payment to BioDelivery Sciences from Endo according to BioDelivery CEO Mark Sirgo.

Now what: Although this is just top-line data, and we don't have the exact figures yet as they relate to NRS-pain score reduction, the simple fact that we're looking at a broad patient trial (462 patients) that met its endpoint is great news for the smaller BioDelivery Sciences. Milestone payments go a long way to fueling future research for a company that will likely burn through about $30 million in fiscal 2014 in total operating expenses, and only had $38.3 million in cash in the bank as of last quarter. However, much of that optimism has been baked into BioDelivery's share price already, leaving little room for more upside barring a flawless second phase 3 trial, FDA approval, and drug launch.

BioDelivery Sciences shares soared today, but its gains could be peanuts next to this top stock in 2014!
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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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