While economies everywhere continue to face a global slowdown, investors should turn to the safety of stocks in a recession-proof sector, Jim Cramer said Tuesday on CNBC's "Mad Money." He cited Seattle Genetics as the perfect example of one such stock.
With a market capitalization of $2.4 billion, Seattle Genetics is a small company, but Cramer thinks it’s worth speculating on.
The Bothell, Wash.-based firm champions the use of innovative biotechnology — like engineered antibodies to target and kill cancer cells while sparing healthy cells. And though the stock isn't profitable just yet, it does have one drug — Adcetris — already on the market and is expected to start raking in material revenues in 2014.
Cramer also noted that at the American Society of Clinical Oncology conference, Seattle Genetics released "bullish phase two data" about the use of Adcetris to treat other types of lymphoma, in addition to the Hodgkin's and large cell strains of lymphoma the drug has already successfully treated.