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 cancer researcher AVEO Pharmaceuticals (Nasdaq: AVEO) plunged more than 11% for no discernible reason. Welcome to the world of biotech, Fool.

So what: Last week, the company issued a press release in which it touted clinical data to be presented at the ASCO Gastrointestinal Cancers Symposium. This week it touted ... nothing. Nada. Zip.

Now what: I'd love to give you better news, but this really is business as usual for the biotech industry. AVEO has the added disadvantage of being a recent IPO. The company went public in March and is up more than 46% in that time. In that context, a double-digit pullback on a day when Mr. Market is cranky is understandable.

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

Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Twitter as @milehighfool. You can also get his insights delivered directly to your RSS reader. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is also on Twitter as @TheMotleyFool. Its disclosure policy is at least 10% better than other disclosure policies.