Cramer's biotech picks for JP Morgan conference & overlooked IPO of 2006

Last night on his MAD MONEY show on CNBC, Jim Cramer said there was no reason to wait for the J.P.Morgan Biotech conference, because he already had the stocks to play. This makes for many short-term and long-term trades for the year, and that is why it is important. He had a jump on it, he said. His #1 biotech pick going into and coming out of the conference was what he focused on.

Thermo Fisher Scientific Inc. (NYSE:TMO) presented today at 11 a.m. and Cramer had said he would buy it ahead of its presentation. It's a one-stop shop for all the scientific instrument and analytic needs now. Here are the expanded comments on TMO.

Cramer earlier picked Gilead Sciences, Inc. (NASDAQ:GILD) as one to buy going into the conference, and the Street's caution on its Myogen, Inc was wrong. Myogen was his favorite pick in biotechs in 2007. Here is the larger commentary on GILD.

In a call in, Cramer panned Ligand Pharmaceuticals (NASDAQ:LGND) and said he wasn't worried about a small portion of insider ownership in Genentech, Inc. (NYSE:DNA) and Amgen, Inc. (NASDAQ:AMGN) because they are so huge.

Cramer did not re-mention Savient Pharmaceuticals, Inc. (NASDAQ:SVNT), his #2 runner-up for speculative stocks in 2007.

OVERLOOKED IPO OF 2006

Cramer also wanted to review some IPO's of 2006 that didn't work out well at all to see if they were overlooked. His #1 overlooked IPO is Optium Corp. (NASDAQ:OPTM). Because of all the telecom equipment-providers this has been lumped in with the bad ones. It went public in October 2006 and it is a supplier of fiber to the home and Triple Play. Here are the rest of his comments.

Jon Ogg is a partner in 24/7 Wall St.,LLC; He does not own securities in the companies he covers.