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.

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Fool contributor Anders Bylund holds no position in any of the companies mentioned. Motley Fool newsletter services have recommended buying shares of Novartis and GlaxoSmithKline. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinion, but we all believe that considering a diverse range of insights makes us better investors. Check out Anders' holdings and bio, or follow him on Twitter and Google+. We have a disclosure policy.