Biotech stocks dragged on the market Friday, and some "Fast Money" traders contended that the pain may not be done.

Gilead Sciences shares sank 9 percent on the day, after the pharmaceutical company posted earnings and revenue Thursday that fell short of expectations. The iShares Nasdaq Biotechnology ETF, meanwhile, dipped 2.7 percent on Friday.

Trader Dan Nathan warned that investors need to be "careful" choosing biotech stocks amid headwinds like the ongoing criticism around drug pricing. He said he sees "value traps" in the sector.

Trader Guy Adami was also cautious on the sector, saying he would not buy any of its stocks until the biotech ETF cracks $285 per share. It closed at about $268 on Friday.

On Gilead specifically, Nathan noted that its sales have sagged.

Traders also looked to Amgen, which posted earnings Thursday that beat expectations. Still, its shares fell 1.4 percent on Friday.

Trader Tim Seymour said the results were "not extraordinary." Adami, though, called Amgen a "great company," saying its shares had a "cheap valuation."

Disclosures:

Guy Adami

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

Steve Grasso

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

Dan Nathan

Dan is long XLF may/ sept put spread. long PFE, long TWTR, long GE May 28 puts, long HYG June puts, long IWM May and September puts, long XHB June put spread, long XLE April/June put spread, FXI Long Aug Puts, SMH Long Aug puts, XLK long Sept put spread. TWTR long Sept risk reversal

Tim Seymour

Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, MCD, MPEL, NKE, RACE, RAI, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN