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: ONYX Pharmaceuticals (Nasdaq: ONXX) popped 10% in intraday trading today, as enthusiasm over its drug pipeline overshadowed a larger-than-expected first-quarter loss.

So what: Non-GAAP earnings per share of -$0.23 were worse than the year-ago non-GAAP EPS of -$0.02 and the consensus estimate of -$0.14. GAAP EPS deteriorated to -$0.78 for the quarter, from -$0.19 in the year-ago quarter. Revenue of $67.1 million grew 7% year over year but fell short of the consensus forecast of $69.9 million.

Now what: Operating expenses are climbing much faster than revenue as ONYX gears up for a potential U.S. launch of carfilzomib, for treating patients with multiple myeloma, in 2012. The FDA has granted the drug fast-track status. Investors are focused on its approval status, and ONYX indicated that it is on track for the potential launch.

Interested in more info on ONYX? Add it to My Watchlist.

Fool contributor Cindy Johnson owns no shares of any company named above. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.