Puma Biotechnology stock could quadruple, says Jim Cramer

Cramer's Mad Dash: PBYI could quadruple

Shares of Puma Biotechnology could soon quadruple and the company is a likely takeover target, CNBC's Jim Cramer said Wednesday.

Jim Cramer
Adam Jeffery | CNBC

In a Phase III clinical trial of its breast cancer drug PB272, or neratinib, Puma enrolled 2,821 patients in 41 countries with early-stage HER2-positive breast cancer, according to the company. All of the patients had undergone surgery and adjuvant treatment with trastuzumab, a prescription drug that treats breast cancer, it said.

In the end, Puma found 33 percent of patients treated by neratinib resulted in "disease free survival," versus those who received the placebo, the company said.

"This is a remarkable number. ... You're going to see the stock quadruple because this is a remarkable number," Cramer said. "Puma was a company without anything that you really felt was good to maybe being one of the most important products in the world."

To Cramer, Puma could be an attractive acquisition for any number of rival biotech firms, too. GlaxoSmithKline, for example, "needs the kind of growth Puma has," he said.

Someone may already have hit the jackpot on the stock, betting big in the options market that Puma Biotechnology would be a winner in the days before the drug trial news sent its stock soaring.

Read MoreThis stock soared 300%, but options smell 'fishy'

—By CNBC's Drew Sandholm.