It's that time again! Jim Cramer rang the lightning round bell, which means he gave his take on caller favorite stocks at rapid speed:

PTC Therapeutics: "We have to go back on that. We have been a little tepid about that one. It had some kind of bad news flow that came out. Let me come back and look at it again, because down here it seems interesting but I know that the news flow was real bad and the stock got hurt real bad. Let's do some work. That was in February, I remember the breakdown."

Carnival Cruise Line: "I happen to like the work that Arnold Donald [CEO] does ... I think that it's good. It yields 3 percent, I would wait a little bit more because i'm not in a hurry to buy any particular stock at this moment unless there is absolutely some edge or catalyst to it."

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Relypsa: "The last bit of news was not that good. I'd like to have them on the show to try to understand where they are. Let's just put it this way, the news flow has not been that good there."

Carrizo Oil & Gas: "That is a good oil company. They do a good job. I'm not recommending a lot of oil companies, but I think that Chip Johnson [CEO] has done a very good job. I think Carrizo is in good shape."

UBS: "No, we don't want to own any of the European banks. They are all on the don't buy, don't buy category. You don't want to touch them."

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