Are you (1) a biotech analyst with an MD or PhD and the CFA (Chartered Financial Analyst) designation? Or (2) a biotech investor looking for the right stock analyst?

Tom Jacobs' recent article in Nature Biotechnology discusses the three major types of stock analysts-- the sell-side, the buy-side and the independent analysts. in the end, he warns:

Regardless of your needs or choice, be alert: the quality and performance of independent analysts vary. Make sure you get a trial subscription and road test. No matter what, avoid the avalanche of free independent research. This runs from the obvious scams that come in our email ("buy this $0.35 stock poised to rise!"), to the less obvious research that companies pay a firm to produce. Remember that anything free is worth what you paid for it and designed to entertain and market, rather than inform.

He concludese the article saying people such as #1 above make the best bets.