NEW YORK (TheStreet) -- Shares of Celgene (CELG) - Get Report are higher on Wednesday, after posting positive gains on Tuesday when many other stocks saw losses. Jim Cramer attributed these gains to the Food and Drug Administration's approval of the company's psoriasis treatment, which occurred Tuesday. 

On CNBC's "Cramer's Mad Dash" segment, Cramer, the co-manager of the Action Alerts PLUS portfolio, added that the company's work in treating breast cancer and pancreatic cancer is also a positive. 

The company could also emerge with an important arthritis treatment in the future, and "Celgene is not done going higher," he said. 

Turning to Morgan Stanley (MS) - Get Report , the stock was downgraded by J.P. Morgan. The analyst suggests that the stock is expensive and that UBS AG (UBS) - Get Report is more attractive. 

Cramer disagreed with the call, saying he likes Morgan Stanley. The company has a "great business" and the stock still has upside, he concluded.

-- Written by Bret Kenwell in Petoskey, Mich.

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.