The one part of the pharmaceuticals sector that's actually working, Cramer said Friday, is medical device stocks.
Names like Stryker and Zimmer , for example, are up by 16 and 13 percent this year, Cramer said. Even St. Jude Medical , a stock that had long struggled to gain footing, has soared by 14 percent year-to-date. STJ shares are now flirting with its high, he noted.
Money managers that need to own health care names naturally gravitate toward stocks with momentum, Cramer said. At this time, they're picking up medical device names. Heavy buying by these firms sends these stocks even higher.
So what's the play here?
"On the pace-maker slash defibrillator side, I’d rather own a St. Jude than a Medtronic , but overall I think Stryker, on the orthopedics side, is the best buy in the space," Cramer said. "The mechanics of money management trump the fundamentals, but when they are both on your side as they are with Stryker, you should strike while the iron is hot."
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