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 medical-device manufacturer Mela Sciences (Nasdaq: MELA) dipped more than 12% today in intraday trading as investors mulled the potential for the Food and Drug Administration to approve the company's MelaFind device.

So what: On Friday, Mela's stock absolutely skyrocketed after an FDA advisory panel narrowly voted in favor of MelaFind. The vote came after a critical review of the product from the FDA stoked fears that the device would be given a thumbs-down. While the advisory panel's recommendation doesn't bind the FDA to approve MelaFind, it certainly makes approval look more likely.

Now what: So what'll it be, thumbs-up or thumbs-down? My fellow Fool and health-care expert Brian Orelli took a pretty dim view Friday, saying that after the advisory panel's vote "the chance of an approval went from very, very, very, very, very slim to just very, very, very slim." An FDA rejection doesn't mean the device is buried, but it would mean that the company will have to scramble to find a way to finance another study. As we await the FDA's final decision, one thing is for sure: Mela's stock has become a very risky gamble.

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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.