×

3 names to watch on biotech beatdown

The cholesterol drug space is set to get a little more crowded, and "Fast Money" traders believe one company should benefit most.

Amgen could get approval for its new cholesterol treatment as early as next week. The medicine would compete with one already offered by Regeneron Pharmaceuticals.

Amgen
Robert Galbraith | Reuters

Amgen shed more than 3 percent, closing at about $161 per share Thursday amid a broader selloff in the sector. If it loses more ground to $150 a share, investors may want to scoop it up as it brings the new drug to market, said trader Dan Nathan.

"Amgen is the sort of stock that you want to buy if it gets too oversold," he said.

Read MoreBuy the biotech bounce: Technician

Regeneron remains a "great company," but its valuation seems too lofty, added trader Guy Adami. He would also prefer Amgen shares.

Trader Brian Kelly pointed to the iShares Nasdaq Biotechnology ETF, which plunged 4 percent on Thursday to close below $351. If the fund dips down to $340, he would look to buy in.

Disclosures:

Dan Nathan

Dan is long QQQ sept put, JOY sept calls, TWTR, PG, BA sept put spread, COST aug put spread, TJX aug put, MSFT aug / nov put spread, GOOGL Sept put spread, XRT sept put spread. Today he sold to close SLB puts.

Brian Kelly

Brian Kelly is long BBRY, BTC=; ITB, TAN, TSL, the VIX, TWTR call spread, Euro; he is short AUDJPY, GBPJPY, CAC40, Ruble, Yuan.

Karen Finerman

Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, M, SUNE calls, 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, M call spreads, SUNE call spreads, GAP puts, KORS puts, SUNE puts, her firm is short IWM, SPY, MDY, Karen Finerman is on the board of GrafTech International.

Guy Adami

Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.