The stock dropped to a level where investors "can start to pick" at it, Seymour said. Trader Josh Brown agreed, noting that many past selloffs in pharmaceutical companies after trial results have opened buying opportunities.
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Trader Steve Grasso added that Bristol-Myers Squibb looks appealing, but he would likely wait a few sessions to see how it trades.
"I would wait a couple days and be a buyer of Bristol," Grasso said.
But other pharmaceutical options look more enticing based on valuation, trader Guy Adami said. He noted that he would rather own Pfizer or Eli Lilly, which have lower forward price-to-earnings ratios than Bristol-Myers Squibb.
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Both Pfizer and Eli Lilly have climbed more than 10 percent this year.
Tim Seymour is long AAPL, T, BAC, C, DIS, F, GE, GM, GOOGL, INTC and SUNE. Tim's firm is long BABA, BIDU, FCX, MCD, NKE, NOK, SBUX and YHOO.
Steve Grasso is long AAPL, BAC, DD, EVGN, MJNA, PFE, T, TWTR and GDX. His firm is long DVN, AMD, FCX, MCD, NE, NEM, OXY, RIG, TSE and VALE his kids own EFG, EFA, EWJ, IJR and SPY.
Josh is long AAPL, BAC, DE, DNKN, FSLR, JMBA, SAM, SHAK, SPWR, TNET, TWTR, XLE and XON.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.