Celgene has been Cramer’s most beloved biotech stock, even through its precipitous 11-point drop over the last four trading days. The stock took a nosedive after Wall Street analysts became interested in a competitor, Millennium Pharmaceuticals , that markets a drug that could take share away from Celgene’s popular cancer treatment Revlimid.
But Chief Operating Officer Bob Hugin, speaking to Cramer on Tuesday’s Mad Money, reaffirmed that Revlimid has a “very bright future” and will still be the drug of choice for patients with multiple myeloma.
Revlimid boasts “unprecedented” survival rates and has the longest duration of response of all similar treatments, according to Hugin. The oral drug, which studies have shown to be well-tolerated in combination with other therapies, will be the standard of care for newly diagnosed myeloma cases “over time,” he said.
Hugin said Millennium’s competing drug, called Velcade, is also a promising form of treatment. When it comes to cancer therapy, there’s room for many options, he said. But he remained adamant that Revlimid’s data “speaks for itself.”
Celgene is a stock that has made people money, and Cramer is hesitant to back away from it just because of the recent decline. He recommended investors take the loss in stride.
“Sometimes you have to get hammered to make a little bit of money,” he said.
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