Cramer's ASCO biotech picks, and how to handle Apple

On today's Stop Trading segment on CNBC, Jim Cramer said he was shocked that Revlimid from Celgene Corp. (NASDAQ: CELG) was hardly noticed and he thinks it's ready to run here. This down move in Celgene is a mistake according to him. He's sticking with his Onyx Pharmaceuticals Inc. (NASDAQ: ONXX) after they gave positive data at the American Society of Clinical Onclogy ("ASCO") after the company extended the life of liver cancer patients.

Earlier today, Cramer followed up with more details on his Apple, Inc. (NASDAQ: AAPL) strategy as far as how much to sell and why. This is after some had further questions because of the stock being noted in Thursday's "Sell Block" on Mad Money.

My own take on these biotechs is that he's probably sticking with some of these names for too long, although time will be the real judge. Celgene has a P/E ratio north of 200 and is already worth more than $23 Billion in market cap. Onyx is one that is now at new 52-week highs and the reason it hasn't seen the "Post-ASCO" news sale is because some still feel that this could be acquired even though this one is up more than 200% from its 52-week lows. We'll see how this pans out.

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.