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 drug delivery technologist Flamel Technologies (Nasdaq: FLML) went down in a blaze of glory today, falling as much as 12.5% on moderate trading volume.

So what: This is splash damage from sector news: Smaller rival Emisphere Technologies was just told by Novartis (NYSE: NVS) that a key drug with Emisphere's delivery technology would not be developed beyond phase 3 FDA trials. Emisphere shares fell nearly 40% on the news, and other drug delivery experts now have itchy trigger fingers hovering over sell buttons.

Now what: Like Lady Luck, the FDA can be fickle. The Emisphere effect will soon fade from Flamel's chart as investors refocus on the company's pipeline of intravenous drugs to modify for simpler and cheaper subcutaneous injections. Flamel has a healthy relationship (pun intended) with major partner GlaxoSmithKline (NYSE: GSK), unlike Emisphere's contentious Novartis business, and should be in great shape going forward.

Interested in more info about Flamel? Click here to add it to My Watchlist.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.