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 Chimerix (NASDAQ:CMRX), a clinical-stage biopharmaceutical company focused on developing antiviral therapeutics, popped as much as 10% after reporting its third-quarter earnings results.

So what: For the quarter, Chimerix's revenue decreased to $0.9 million from $20.9 million in the year-ago period primarily due to one-time milestone payments received last year. The company also turned in a quarterly loss of $6.7 million, or $0.26 per share, compared to an adjusted profit of $0.11 per share last year. However, this loss was $0.13 narrower than Wall Street had expected. Chimerix also recapped its pipeline progress, which includes the initiation of a late-stage trial involving brincidofovir for the prevention of CMV in patients receiving bone marrow transplants.

Now what: Any time a clinical-stage biotech company winds up losing less money than expected, it's good news for shareholders as it means the cash burn rate is likely lessening. I would, however, suggest not getting too wrapped up in Chimerix's move higher today until we get a better idea of how its brincidofovir late-stage data looks. I often get criticized for missing the big moves in biotech stocks for taking the conservative approach, but I also tend to avoid those calamitous 50%+ down days by playing it safe. I would certainly suggest the conservative approach may be your best bet with Chimerix.