Back in May, Money Morning Executive Editor Bill Patalon recommended one of the best biotech stocks of 2017. Readers who followed Patalon's advice to buy this stock ahead of an FDA decision date of May 24 saw gains as high as 26% in just two weeks.
Gains this large make it easy to think you missed the boat. But it isn't too late to buy Patalon's biotech stock pick. In fact, one Wall Street analyst thinks this stock could gain as much as 130% in the next 12 months.
And the company's cancer drugs are a big reason for the expected gains…
Why This Is One of the Best Biotech Stocks to Buy in 2017
The company's main drug is currently the only treatment on the market for breakthrough cancer pain (BTCP). The treatment delivers a powerful drug in liquid form so it can be absorbed under the tongue.
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Sales of the drug to the company's four largest wholesalers were $22 million in Q1 this year. An additional $11 million worth of the drug went to specialty pharmacies during the same quarter.
This isn't the only good news for the biotech company.
On May 24, the company received final approval from the FDA for a new drug. The drug, which was made available yesterday (Monday), is a cannabis-derived treatment for chemotherapy-induced nausea and vomiting.
This new drug will have a large market. The National Cancer Institute reports that there were nearly 15 million people with cancer in the United States alone in 2014. Of those patients, 80% reported dealing with nausea and vomiting.
The new drug also puts the company at the convergence of two very powerful trends in the biotech industry that will propel the stock higher…