This is a big week for the world's top-two biotechnology companies and their investors. Amgen goes before an FDA Advisory Committee Thursday about the side effects of its bread-and-butter franchise Aranesp, explains CNBC Pharmaceuticals Reporter Mike Huckman. Then on Friday Genentech holds an analyst meeting.
How can you trade it?
I think the Amgennews will be market moving, says Pete Najarian. A thumbs up from the FDA could give the stock a $2 - $4 bounce, but a thumbs down could mean new lows, he says. Also watch Johnson & Johnson .
I like Genentech into the meeting next week, adds Guy Adami. I think the low in this stock is around $75- $78.
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Trader disclosure: On Mar. 7, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Najarian Owns (BIIB), (BKC), (C), (CSCO), (MS), (MSFT), (XLF), (YHOO), (AAPL); Najarian Owns (COP) Calls, (BHI) Calls, (AMAT) Calls; Seymour Owns (BX), (CFC), (F), (HAL), (MER), (MSFT), (SBUX), (TSO), (AAPL), (INTC); Seygem Asset Management Owns (EEM); Seygem Asset Management Is Short (FXI); Finerman Owns (GS); Finerman's Firm Owns (MSFT), (TSO), (WMT), (YHOO), (FNM), (AAPL), (MO), (AEO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts