"Isis Pharmaceuticals (ISIS) as been a leader in genomics-based drug research since the late 1990s and has amassed an impressive intellectual property portfolio," notes biotech specialist John McCamant.

The editor of The Medical Technology Stock Letter explains, "ISIS has successfully applied their technology to take advantage of the emergence of new genetic information. More specifically, and most important for investors, has been the ability to prolifically patent their discoveries.

"Their proprietary technologies include methods of screening drug candidates, chemical modification of the drugs to improve their efficacy, safety and biostability and methods for the manufacture of DNA and RNA-based therapeutics.

"Isis Pharmaceuticals (ISIS) stock is down over the last month on the continued controversy and misinformation surrounding the safety and potential market size for mipomersen;Wall Street has focused on some perceived safety issues from the release of Phase 3 data for mipomersen in heterozygous familial hypercholesterolemia (heFH) patients.," says John McCamant.

The editor of The Medical Technology Stock Letter explains, "The trial met its primary endpoint with a highly statistically significant 28% reduction in LDL-cholesterol after 26 weeks of treatment, compared with an increase of 5% for placebo."

Despite the challenging economic environment, two leading advisors see opportunity in a biotech stock involved in developing drugs for cancer, multiple sclerosis and diabetes -- Isis Pharmaceuticals (NASDAQ: ISIS).

Here, we look at commentary from growth stock expert Toby Smith, editor of ChangeWave Investing, and biotech specialist John McCamant, editor of The Medical Technology Stock Letter.

Toby Smith explains, "For the latest quarter, revenue climbed 38% to $29.7 million. Revenue from research and development collaborations more than doubled to $29.1 million from $13 million, but licensing and royalty revenue dropped to $546,000 from $8.5 million.

For 25 years, Steven Halpern, editor of TheStockAdvisors.com, has surveyed the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is one of 100+ ideas in the Best Stocks for 2008 report.

"Our favorite speculative play for 2008 is Isis Pharmaceuticals (NASDAQ: ISIS)," says biotech expert John McCamant, editor of The Medical Technology Stock Letter.

"The main reason to own ISIS is the strong potential for an extremely attractive partnership for their exciting anti-cholesterol drug candidate, mipomersen, or an outright acquisition of the company itself at a substantial premium.

"We have seen recent evidence of acceleration in deal activity as the Sanofi-Aventis/Regeneron deal was the richest we have ever seen for drug candidates only in Phase 1 testing. In turn, this has most likely upped the ante for doing a deal with ISIS for mipomersen, which is now in Phase 3.

"We believe that ISIS has the most attractive late-stage anti-cholesterol drug candidate in development and expect the stock to be much higher on a partnership or an acquisition.

"The strong data for mipomersen that was presented at the recent American Heart Association meeting -- which showed it had the stunning ability to reduce LDL (bad cholesterol) levels an additional 48% on top of statin therapy -- has cemented mipomersen as the one of the most valuable drug candidates in development.