NEW YORK (TheStreet) -- After a relentless week's worth of selling during which the iShares Biotech ETF (IBB) - Get Report fell nearly 20% as of Tuesday's close, the ETF is bouncing back on Wednesday, up more than 3% in late-morning trading.
The biotech industry has been a really tough sector to be bullish on, given its sharp plunge this month. Not only are the stocks trading poorly amid an overall bearish market environment, but the political commentary regarding treatment pricing is also weighing on the stocks, he explained.
However, the positive news out of BioMarin is a step in the right direction, which will hopefully help lead to a bounce for the whole sector, Cramer concluded.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.