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.