Cramer's Call: Celgene COO and President Bob Hugin

Celgene President Bob Hugin was a guest on Cramer's Back to School Tour stop at the Darden School of Business at the University of Virginia. He's an alumnus of the school. Celgene stock was in the low $50s at the time, and the two talked about how good the future looked for the company. But CELG reported its numbers today, and despite what Cramer desciribed as a pristine quarter, the stock still dropped as much as three points during trading. It finished the day down $1. So what's up?

Cramer says the company is spending good money on expansion in Europe and that maybe the Street isn't thinking as long term as he is. Even still, Hugin says, Celgene posted solid numbers. There was strong top line growth and a 61% percent increase in revenue. "And even with all we invested in the future, the bottom line - the adjusted earnings per share - increased by 122%." The CEO says the report was a good balance of strong execution and building for the future.

One way to spot good biotech stock is to watch for drug approvals, Cramer says, and it pays to research company presentations at big confabs like next month's American Society of Clinical Oncology conference. Hugin says investors can expect to hear new data on the company's Revlimid drug. Hugin also is expecting to get final regulatory approval in Europe for Revlimid in the next few months, which would allow Celgene to launch the drug in almost 30 countries there.

Is Celgene an acquisition target or is it targeting acquisitions? Cramer wanted to know. Hugin says the company is planning for the long term: "If the right things come along, we'd look at them to really energize or synergize our portfolio, but we really don't need to do anything. We're in great shape."

The dip in today's market might be the pullback investors could be looking for. "You get a chance now then," Cramer says, " You get a chance when the market's wrong. You got one today. It'll continue tomorrow. Celgene - it's a 'back up the truck' situation ahead of ASCO."

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