Jim Cramer -- BioMarin, Receptos Will Re-Test Highs, Biotech Will Recover

NEW YORK (TheStreet) -- Trading in the biotech sector has been "horrendous," TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUS portfolio, said Friday.

The iShares Nasdaq Biotechnology ETF (IBB) fell 6.2% on the week although the biotech exchange-traded fund rose 2.3% today.

Cramer said during CNBC's "Stop Trading" segment today's boost is thanks to two of his "four horsemen" -- Celgene (CELG), up 2%, and Gilead Sciences  (GILD), up nearly 5%. Both companies reported "inspiring" earnings results, Cramer said. 

IBB Chart
iShares Nasdaq Biotech ETF IBB data by YCharts

Cramer said two other biotechs look ready to re-test previous stock highs: BioMarin Pharmaceutical (BMRN), which he said has the best orphan drug pipeline and an "excellent" product portfolio, and Receptos (RCPT).

"Those are the two that I like very much," he said, adding that "biotech is not done" going higher.

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

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