Cramer Highlights Biotech 'Game Changers'

"Drug stocks can rally in any environment, so long as the underlying companies are innovating, creating new medications that can make it through the FDA approval process and make big money once they hit the market," Jim Cramer said Wednesday, pointing to three biotech companies in particular: Isis Pharmaceuticals, Alnylam Pharmaceuticals and Sangamo BioSciences.

Isis Pharmaceuticals has developed Kynamro, a drug for treatment of a rare genetic disorder that causes unusually high cholesterol, which got FDA approval in February. Kynamro could ultimately do $400 million in peak sales, Cramer said. The greenlight also means the FDA is probably more likely to approve other RNA-based therapies, which helps Isis and its more than 20 drug candidates in development.

Adam Jeffery | CNBC

Cramer likes Isis' stock, but would wait for a pullback before buying shares.

Like Isis, Alnylam uses RNA-based medicine to treat rare diseases. Its stock has made a huge run over the past few years, Cramer siad, but it has a strong pipeline with up to five products in late-stage development by 2015.

Finally, Sangamo BioSciences offers a "super speculative" stock at around $9 a share. It has a market cap of just $500 million, but owns a proprietary technology platform that Cramer said can actually cure genetic disease s by physically changing one's DNA. Some analysts think it could do a cool $500 million in revenues by 2018 and $2 in earnings per share. Everything is in very early stages of development, though.

In the end, Cramer said Isis is worth looking at on a pullback. He thinks Alnylam is attractive at current levels, but would only consider buying Sangamo on a speculative basis.

— Reuters contributed to this report

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