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Fast Money

No. 2 - Bio-Hazard

Sometimes the stocks that trade on hope lead only to despair. Investors in biotech companies Amgen (AMGN) and Dendreon (DNDN) suffered serious side effects this week as the FDA raised questions about the safety and effectiveness of their flagship drugs.

Shares of Amgen plunged the most in 5 years yesterday as the future of its anemia medications came into doubt, while Dendreon shares shed nearly 70% of their value this week on concerns about its prostate cancer drug.

Meanwhile, the iShares NASDAQ Biotechnology Index (IBB) tumbled 4% for the week on the news. Is there any hope for the sector that trades on hope?

CNBC Pharmaceuticals Reporter Mike Huckman joins the guys for the conversation.

The Top Three #2

Mike explains that the annual meeting of the American Society of Clinical Oncology (ASCO) begins June 1st. This is the most highly anticipated scientific medical conference of the year, Mike adds.

At ASCO, Imclone (IMCL) will present data on its cancer drug. Celgene (CELG) will present data on its blood cancer drug and Onyx Pharma (ONXX) will present data on a kidney cancer drug.

Dylan asks if any stocks are trading higher ahead of the conference.

Onyx and Celegene, Mike replies.

Then Mike cautions investors about trading the news because information about these drugs is distributed in blocks ahead of time, to different groups of people such as doctors and the media.

Dylan adds, investors could see these stocks run long before anything happens.

Karen Finerman says that’s probably the most important point.

Guy Adami tells the panel in the bio-tech space he likes the 3 G’s -- Genentech (DNA) as well as Gilead (GILD) and Geron (GERN).

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Trader disclosure: On May 11, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders;Bolling Owns (ICE), (NMX),Gold, Silver; Finerman and/or her Firm Owns (BBI), (KBR), (HD), (FLS), (CX), (ASD), (WMT), (TYC), (GS), (INWK); Finerman's Firm Is Short (HAL)