Cramer's Worried About MannKind

While Cramer thinks diabetes is a "real growth market," just because a drug company has a diabetes product awaiting FDA approval doesn't mean you should run out and buy the stock.

MannKind , for example, is awaiting regulators' approval on its inhalable insulin product called AFREZZA. The FDA could hand down a decision on the product as soon as December 29. But there are, Cramer said, several concerns about AFREZZA and the overall viability of inhalable insulin in general. In the past, MannKind has had problems getting the product approved. In January, the FDA delayed its decision because it hadn't completed an inspection of MannKind's European manufacturing facility. The news knocked the stock off its $10.79 high and it has stayed in the $5 to $6 range ever since. There was another delay in March when regulators asked for updated safety and efficacy data.

Analysts worry that AFREZZA won't get approved, Cramer said. Even if it does, they fear the product might not be a success.

"I think that this could be an opportunity simply because everyone's so negative, but it’s a very risky and we need to do a lot of homework before I’d be willing to believe in MannKind, even for speculation," Cramer said.

To learn more about the company and its products, Cramer spoke with MannKind's CEO Alfred Mann. Watch the video to see the complete interview.

Call Cramer: 1-800-743-CNBC

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