Jim Cramer has officially deemed Friday, "speculation Friday," where he highlights the high-risk high-reward stocks that could be worth trading in.
The caveat, he said, is that these stocks must be restricted to a small part of a discretionary mad money portfolio, and should not be placed into a retirement fund.
The first stock he looked at was Accelerate Diagnostics, a company that is developing a diagnostics platform to identify bacteria and viruses and then find out the best drugs to use against them faster than current machines used in medical labs.
One year ago Cramer advised investors to avoid Accelerate, because he was wary of the company's prospects and the technology had not been proven.
"I was right when I told you to avoid Accelerate Diagnostics a year ago and the stock got pummeled … But in a year since then, Accelerate has really gotten its act together," the "Mad Money" host said.
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In the past month, Accelerate finally appears to have gotten its mojo back, with a rebound of 17 percent in March. Additionally, JPMorgan initiated coverage on the company with a positive research report.
If its system works the way Accelerate says it should, Cramer thinks the technology could be a game changer. In addition to being faster than current machines available, they are also so small that labs could buy multiple units and run them at once without taking up too much space.
From a business perspective, assuming the FDA approves the technology, Cramer found its model to also be attractive. Every time its system is used, it requires a new disposable cartridge. So as its installed base expands, so could its recurring revenue stream.
Accelerate is still far from profitable, and if it does not receive FDA approval or if there is a delay, Cramer thinks the stock could be obliterated.
"That is what makes it speculative, however, I am confident that the prospects here look good, otherwise I never would have mentioned these guys in the first place," Cramer said.
Though the stock is still extremely risky, Cramer was willing to bless it for speculation at $14 with a potential upside if things go well outweighing the downside if things go wrong.