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Gen-Probe Incorporated (NDAQ: ) shares jumped early Thursday after CNBC's Jim Cramer recommended the stock on his Mad Money program. The hedge fund manager turned television star believes that biotech will soon be flush with money and that Gen-Probe has bottomed. Cramer likes medical devices companies and insisted that this is the right spot to buy this stock. Shares opened higher and spiked over 1 percent in early trading.

Gen-Probe is engaged in the development, manufacture and marketing of nucleic acid probe-based products used for the clinical diagnosis of human diseases and for screening donated human blood. It also developes and manufactures nucleic acid probe-based products for the detection of harmful organisms in the environment and in industrial processes. The company markets these products in the U.S. directly and outside of the U.S. through distributors.

Gen-Probe shares declined earlier this year after it offered to acquire rival Innogenetics. Gen-Probe offered to acquire the Belgium company for $9.58 per share or $337.8 million. Recently, another rival increased their offer for the company and Gen-Probe declined to bid any higher. The decision not to make the expensive acquisition sent shares of Gen-Probe higher as investors applauded the move to remain a small and nible biotech.

Gen-Probe is set to report its second quarter earnings on July 31st at 4:00pm EST with a conference callset to take place a half hour afterwards. In late April, the firm reported strong first quarter profits on its diagnostic testing for infectious diseases and raised its 2008 outlook. The company expects to earn a profit of $1.72 to $1.76 per share on revenue between $450 million and $455 million.

Shares of Gen-Probe Incorporated moved up $0.24, or 0.47%, to $51.80 in early trading.

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