CNBC's Jim Cramer on Wednesday identified two biotechnology stocks that he thinks could soon push higher, namely Amgen and Regeneron Pharmaceuticals.
In a rebound from a disappointing first quarter, Amgen posted higher-than-expected second-quarter profit on Tuesday, helped by strong sales of its rheumatoid arthritis drug Enbrel. It significantly raised its full-year earnings forecast, as well.
"The numbers were up 34 percent for a bone cancer drug ... that no one was thinking about as good," said Cramer on "Squawk on the Street," referring to denosumab, a bone-strengthening drug that's sold commercially as Prolia. "This stock is going higher."