Jim Cramer's Mad Dash: Puma Biotechnology Proves Valuing Biotech Is Hard

NEW YORK (TheStreet) -- Shares of Puma Biotechnology (PBYI) are up an astounding 275% in early Wednesday trading, making it the focal point on CNBC's "Cramer's Mad Dash" segment. 

TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said the company reported a "remarkable number" when it came to its breast cancer treatment trial. 

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The Phase III test consisted of 2,821 women, 33% of whom walked away as disease-free survivors. 

"This is why it's so hard" to value biotech stocks, Cramer concluded, in reference to Fed chair Janet Yellen's recent remarks about small-cap biotech companies having a stretched valuation.

-- Written by Bret Kenwell in Petoskey, Mich.

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

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