Cramer said Celgene is a reminder of the speculative nature of owning biotech stocks, especially those that rely on a single drug to prosper. He said he's still a believer in Celgene at these lower levels, albeit not as emphatically as before.
As for Onyx, Cramer said that company may still be a takeover target, but after the stock's big run up he's not willing to chase it higher.
--Written by Scott Rutt in Washington, D.C.
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