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 hepatatis-C-focused biotechnology company, Achillion Pharmaceuticals (NASDAQ:ACHN) dipped as much as 12%, following its fourth-quarter earnings report and announcement of a share offering.

So what: For the quarter, the clinical-stage biotechnology company reported a loss of just $0.14, as compared to the loss of $0.18 reported in the year-ago period, and the loss of $0.20 that analysts had anticipated. For fiscal 2013, Achillion expects a loss of $0.75, right in line with expectations. Also, after the bell yesterday, Achillion announced that it commenced a $125 million offering for its stock. Achillion ended the quarter with $77.4 million in cash, cash equivalents, and marketable securities, but will need about $105 million just this year to cover operating expenses, as well as research and development costs.

Now what: Dilution, dilution, dilution! Don't say I didn't warn you, because I've been quite adamant that clinical-stage companies like Achillion love to raise cash whenever there's a sizable rally. With only enough cash on the books for nine months of R&D and operating expenses, and a pipeline that's still years away from marketability, I'd suggest looking elsewhere in the hepatitis-C space.

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