Conference proceeding in a regular issue of a journal (pros and cons)
After the passage you quote it says


  ISMB 2018 provides authors of accepted papers an oral presentation to provide an oral summary of their work. All presentations should be no longer than 20 minutes including 3-4 minutes for discussion.


It seems like this organization has both a regular journal and a conference. If you submit as a journal article it would be a peer-reviewed journal article. If you submit as a conference paper it would be a peer-reviewed conference presentation.

In my field (computer science) these would likely be viewed as being the same in terms of prestige, but this is not true in most fields. Your advisor would be a good resource for feeling out how people in your field view conference papers vs journal papers.