“Celgene Corp (CELG) is a buy, but not yet,” Jim Cramer said, “investors should wait for the right moment before rushing in.” The biotech giant was the third name that Cramer added to his portfolio of cancer-fighting drug companies after Pfizer Inc. (PFE) and Bristol-Myers Squibb Company (BMY). Cramer went up against his colleague at TheStreet.com over the chart for Celgene Corp. Fitzpatrick pointed out that Celgene traded down with the markets earlier this year, but then the stock broke out and gapped higher in July after reporting strong earnings. He said that these moves typically will result in the gap being filled before the stock moves up again. Fitzpatrick said he would only be a buyer if Celgene pulls back and hold at the $48 level from the current price of $50 and change. Moving on to the fundamentals, Cramer said a stock that’s worth buying at $48 is even more attractive at a lower price, as long as the fundamentals haven’t changed. He mentioned that Celgene has a great long-term story and its biggest drug, Revlimid, which brought in $1.3 billion in sales in 2008, treats multiple myeloma, a cancer of the plasma cells in bone marrow, in patients who have already received one prior therapy and myelodysplastic syndromes, or MDS, another kind of blood cancer. Revlimid is also being evaluated in a number of clinical trials as a treatment for other blood cancers as well. Sales of the drug are growing overseas thanks to an expanding footprint here in the US and new launches abroad are coming for countries like Canada, Latin America, Japan and others. “The company also has other products in its pipeline, making it an attractive play for years to come,” Cramer said. Shares trade at around 19 times 2010 earnings, which might look expensive compared to its peers, but it’s actually cheap when you factor in the 24% long-term growth rate. Cramer told viewers to wait until the annual American Society of Hematology meeting on Dec. 5, an even the company is expected to present data on Revlimid at, before buying. “I wouldn’t pull the trigger on this trade until the week before the conference,” Cramer said. Get the scoop on tomorrow’s hottest trade ideas – TODAY! BeaconEquity.com PREMIER PICKS have an amazing track record. Join this select group and ride the profit wave!