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 biotech Neurocrine Biosciences (Nasdaq: NBIX) were up more than 10% in intraday trading on higher-than-average volume.

So what: Earlier this week, Neurocrine announced it had successfully completed a second phase 1 test of its vesicular monoamine transporter 2 (or VMAT2 for short) compound. That means the company will be able to move the drug into phase 2 studies later this year. However, we're now a couple of days removed from that, so it seems more likely that today's move is typical biotech volatility rather than a reaction to that news.

Now what: In typical biotech fashion, Neurocrine is consistently unprofitable and spends most of its time burning cash in search of a big drug approval. While today's jump may put a flutter in bulls' hearts, the big picture remains the same -- either get a significant drug approved and watch the stock go to the moon or whiff on the approval front and see the stock's price drop like Disney's Tower of Terror.

Interested in more info on Neurocrine? Add it to your watchlist here by clicking here.

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Fool contributor Matt Koppenheffer does not own shares of 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 assures you no Wookiees were harmed in the making of this article.