4 growth stocks to watch on biotech struggles

Biotech stocks took another dive Monday, and some CNBC "Fast Money" traders believe the struggles could extend to other high-growth names.

The iShares Nasdaq Biotechnology ETF fell more than 6 percent on the day amid renewed concerns about government action to rein in drug prices. The fund went further into bear market territory, or 20 percent lower than its 52-week high, on a day when major U.S. averages all lost about 2 percent or more.

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While biotech stocks sometimes take big hits as market enthusiasm wanes, high-flying technology names could come next, some traders said. Facebook, Amazon, Netflix and Google have all easily beaten the S&P 500 this year, but Google may prove the safest pick if volatility continues, said trader Tim Seymour.

"I think Google is defensive," said Seymour, who owns the stock, which fell nearly 3 percent Monday.

The Google sign outside of the Google headquarters in Mountain View, California.
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The Google sign outside of the Google headquarters in Mountain View, California.

He contended that Google's valuation remains reasonable despite its 13 percent climb this year. Trader Karen Finerman, another Google shareholder, added she would stick with the stock but did not hold as much confidence in other growth tech names.

But Facebook could hold upside ahead of its quarterly earnings report next month, said trader Guy Adami. He added that it looks appealing where it ended Monday, below $90 per share.

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Trader Steve Grasso, though, was wary of most high-growth stocks if the sluggish run for equities continues. He would look to the utilities sector as a place to find yield if big-name technology's torrid run slows down.

Disclosures:

Tim Seymour

Tim Seymour is long AAPL, BAC, CLF, DIS, F, FCX, GE, GM, GOOGL, INTC, JPM, KO, LGF, T, TWTR, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.

Steve Grasso

Steve is Long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, STRP, T, TWTR, GDX firm is long BP, COP, CVX, FCX, NE, NEM, OXY, RIG, AMZN kids own EFA, EFG, EWJ, IJR, SPY

Karen Finerman

Karen is long BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, KORS call spreads, M, SUNE call spreads, URI, she is short SPY, Her firm is long ANTM, AAPL, BAC, C, DIS, FINL, FL, GOOG, GOOGL, GPS, JPM, KORS, KORs calls, M, M calls, SUNE, URI, URI long puts, KORS call spreads, M call spreads, her firm is short IWM, SPY, MDY, USO, 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.