TheStreet's Action Alerts PLUS Portfolio Manager Jim Cramer said there are still too many issues with the biotech sector that are preventing it from moving higher. Cramer said, 'the group does not act well and I think the group got too expensive. It peaked. There are no IPOs. There is not a lot of money being raised for the group. There have not been a lot of approvals...The stocks are still very speculative.' Cramer believes there is one thing that could act as a catalyst to send shares higher. He said, until it happens, the sector will not advance.
At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.