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Traders pick biotech stocks as sector sees best day in months

The "Fast Money" traders debated whether it's time to pile into the battered biotechnology sector after the iShares Nasdaq Biotechnology ETF gained 3 percent on Monday.

Trader Guy Adami said he still believes investors should hold onto the biotechnology stocks. He said Amgen's 3 percent gain on Monday backs up that investment thesis. With its "very reasonable valuation," Adami said "there's no reason not to like" Amgen, "except that the market doesn't give it the credit I think it's due."

Trader Tim Seymour said "best of breed" companies like Celgene and Biogen are proving the strength of their balance sheets.

"These companies at these valuations are very interesting and...