Cramer on tonight's MAD MONEY discussed his new favorite biotech play.
Cramer gave a backgrounder: he said on Jan 11 his Zymogenetics, Inc. (NASDAQ:ZGEN) pick is now up 15% and he still likes it. He also discussed Myogen, Inc. (NASDAQ:MYOG) because it is being acquired by Gilead Sciences, Inc. (NASDAQ:GILD) and he picked MYOG to be bought. He wanted to look for another Myogen.
Cramer has a new favorite name in biotech development is Arena Pharmaceuticals, Inc. (NASDAQ:ARNA). He said Arena has a weight loss drug in its pipeline, and it should be a huge revenue generator. He said it isn't just because of obesity, but people are (after all) fond of spending money to look good, and will take it for this purpose, too. He said this drug in Phase III does not have the side effects of the offerings from other obesity drug companies.
After Cramer discussed this it popped 7% after-hours, resulting in market capitalization of $603 million as of the $12.75 close. He did note ahead of his call not to trade it right after he discussed it in after-hours "because you'll get robbed."
Cramer was also positive on Amgen, Inc. (NASDAQ:AMGN) and Genentech, Inc. (NYSE:DNA).
Jon Ogg is a partner in
24/7 Wall St.; he does not own securities in any of the companies he covers.
.gif){kind=logo}
MOST NOTEWORTHY: First Solar, JA Solar, Alcatel-Lucent, Nokia and Ericsson were today's noteworthy initiations:.gif){kind=logo}
Will Rich Ross really have a positive impact on Disney's movie operations?
Consumers sick of recession, may spend extra on holidays
Corrections, seasonality and Santa Claus
