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: Micromet (Nasdaq: MITI) shares fell 13% today after the company announced a share offering.

So what: The company will sell 9.9 million shares at $7.30 to fund research and development and corporate expenses. The offering was 8.8% lower than Wednesday's closing price, and the market didn't want any part of the dilution.

Now what: Micromet has yet to post a real profit or any significant revenue, so who knows how diluted shareholders will be before revenue takes off. I'm staying away from this stock no matter how high hopes are for its antibody-based drugs. Shareholders could be diluted by further offerings even before we see any major drug approved.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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