Tread carefully if you're buying biotech stocks, traders say as group nears all-time highs

"If [Gilead and Amgen] start to break down, it could be a problem for the group," Maley said. "Now, nobody wants to short any of these names because ... if you get a nice discovery on [a]vaccine, the group's going to go do very nicely. But I just think people don't want to be aggressive after the big move we've had, given that these two stocks are starting to show some cracks.

Mark Tepper, president and CEO of Strategic Wealth Partners, said in the same interview that "it makes sense right now to be selective." "This is not a situation where I'd be looking to just blindly buy the group and hop into the IBB ETF," he said. "Price matters." Although the race for a Covid-19 cure is front and center, "cancer's not asleep and it's taken far more lives than Covid, so, ... we want to be in stocks with an oncology focus," Tepper said.," he said.

"There have certainly been some short-term headwinds for the stock," Tepper added. "Elective procedures have kind of been kicked down the road. But as those things ramp back up, the headwinds are going to fade, and we like this as a long-term play."Disclosure: Strategic Wealth Partners owns shares of Exact Sciences.

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