Opko
Cramer said one of the diagnostic breakthroughs developed by Opko involves the protocol for men diagnosed with prostate cancer. The current tests aren't always accurate, yet if they come back positive, patients must undergo a painful and sometimes unnecessary prostate biopsy that costs $2,000.
"In this country, we perform 1.2 million prostate biopsies a year, and it's possible that 750,000 of them might not be necessary," said Cramer.
Opko, however, has developed a new kind of test, one which uses additional markers and may be significantly more accurate than the current standard. The test is already used in Europe and could launch in the US as soon as this quarter.
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In addition, Cramer sees other tailwinds.
He said the company has a pipeline of rapid fire diagnostic tests that it's developing for diseases ranging from lung cancer and pancreatic cancer to tuberculosis and more.
On top of that Cramer said Opko has a robust drug business, which includes a partnership with Tesaro on a drug that helps suppress nausea in chemotherapy patients.
"In addition they have a number of early stage drug candidates further down the pipeline, including one for Parkinson's," Cramer said.