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: Biotech company Celgene (Nasdaq: CELG) shares fell 10% today after new data raised concerns for investors.

So what: Data showed that secondary malignancies have been found at a higher rate in patients who received Revlimid than those who received a placebo. Analysts think the rates are within historical rates for patients, and the market is overreacting.

Now what: Panicking over data like this is nothing new for drugmakers, but today's reaction looks to have gone a little too far. I look at the dip today as an opportunity to buy a fast-growing drug company that is consistently beating expectations. But keep an eye on data in the next week as the company should provide some clarity given the market's reaction.

Interested in more info on Celgene? Add it to your watchlist.

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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