Trader Pete Najarian contended that big pharmaceutical companies offer the best way to play the space. He looked to Bristol-Myers Squibb, which has climbed nearly 9 percent this year.
Read MoreBuy the biotech bounce: Technician
The company has gradually taken on more characteristics of a biotech than pharmaceutical name, Najarian noted.
Pfizer could have more upside, even after a 14 percent gain so far this year, trader Tim Seymour added. He noted it offers value in a sector where many stocks seem overvalued.
Tim Seymour is long AAPL, T, BAC, DIS, F, GE, GM, GOOGL, INTC, JPM, LGF, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.
Long AMAT, AAPL, BAC, BMY, BP, CSX, DISCA, DKS, FOXA, GE, KKR, KO, LLY, MRK, PEP, PFE, he is long calls AAPL, ABX, AMKR, BBY, BEE, BHP, CRM, CSX, CY, DAL, DVN, ETFC, EXC, FB, GILD, HIG, LC, LM, LULU, MU, P, PG, PNR, RAD, RF, SYY, UAL, UPS, VLO, VZ, WFC, WYNN, XLF, VLO, ZIOP, he is long puts AUY, CTL, FCX, RIG. Today he bought GILD calls.
Grasso is long AAPL, BA, BAC, CC, DD, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX. His kids are long EFA, EFG, EWJ, IJR, SPY. His firm and some of its partners are long DVN, AMZN, NE, NEM, OXY, RIG, TSE, VALE
Karen is long BABA, BAC, C, FINL, FL, GILD, GOOG, GOOGL, JPM, KORS, M, BABA puts, she is short SPY, Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, SUNE, URI, XBI, KORS call spreads, SUNE call spreads, KORS puts, SUNE puts, her firm is short IWM, SPY, MDY, Karen Finerman is on the board of GrafTech International.