Shulman also observes that its position is strengthened by the problems GlaxoSmithKline (NYSE: GSK) had with Avandia and AstraZeneca's (NYSE: AZN) removal of Galida (both diabetes drugs) from the approval process.

He notes, "Long-lasting Byetta LAR (aka, Exenatide LAR) is the once-a-week (versus twice-a-day) version of the company's blockbuster Byetta. Trial data is due out at the end of this year, and I believe performance and efficacy will be superior to the daily-dosing version of the drug. Injection via pen cartridge will also boost usage of the drug."

Beyond diabetes, the advisor says, "Pramlintide for obesity is the first and only obesity drug that actually demonstrates ongoing weight loss, in trial, without hitting a plateau. It is now undergoing several trials on its own and in combination with other treatments, with data expected out at the end of this year."

Meanwhile, Shulman notes that the company has a "huge" amount of cash -- just shy of $700 million -- and could be cash-flow positive if it didn't choose to pour so much money into research and development. Further, he adds, "It can burn dough almost forever in support of its growth."

"Why do I like AMLN so much, now?" he asks. "Because even though it appears fully valued, it is not, and the pause by investors in buying the stock is a great opportunity for us. I don't believe anything near the full value of Amylin's obesity treatment, pramlintide, is priced into the stock."

The bottom line, he concludes, "Buy it now and ride it over the bumps and dips. There are few rapid-growers with the kinds of upcoming catalysts that Amylin has, and there is also virtually no risk to AMLN's business."

Each day, Steven Halpern's TheStockAdvisors.com features the latest investment ideas and market commentary from the financial newsletter community.