Gen-Probe is a diagnostics company in an industry that Cramer said is on a tear. It makes tests for sexually transmitted diseases and pneumonia. GPRO has two new products to boot: one for West Nile and the other for HIV, Hepatitis B and Hep C. There are tests on deck for prostate cancer and HPV as well. Cramer likes the company so much – it’s “instant growth” – he thinks Abbot Labs should buy it to boost its own ailing diagnostics division.
Gen-Probe enjoys a 40% market share since it’s one of only two diagnostics firms approved to screen donated blood, thanks to big government regulation. The company also has alliances with GE, parent company of CNBC, 3M and Millipore to extend GPRO tests into new areas.
Gen-Probe is a pastiche of different diagnostic tests for different diseases all in one stock. Good for Soros that he owns some, Cramer said.
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