Title: Equity Research Associate - Immuno-Oncology
Reports to: Senior Equity Research Analyst
Department: Equity Research
Location: New York
Salary Range: $135,000-$170,000
This individual will work closely with senior equity research professionals on scientific, clinical, commercial, financial, and strategic assessments of companies developing cancer immunotherapies - from cell therapy to traditional modalities, and small/mid-cap to large-cap biopharmaceutical companies. While the majority of the work is focused on cancer immunotherapy, the team also covers a broader set of therapies developed by our companies, including vaccines and treatments for immunological, cardiovascular, and infectious disease.
What distinguishes this team from typical sell-side coverage is depth and rigor: we build our own primary analyses of clinical trial design and biostatistics rather than relying on secondary summaries, run simulation-based revenue and commercial models grounded in cohort-level assumptions, and assess clinical, regulatory (FDA/ODAC), and scientific-conference developments in our coverage and IO overall, in real time. We expect associates on this team to develop genuine subject-matter expertise - in trial methodology, mechanism of action, and market dynamics.
Primary Duties and Responsibilities- Collect and analyze primary data and expert opinion related to cancer immunotherapy, including scientific literature, clinical trial data, and commercial infrastructure
- Maintain and analyze a database of ongoing cancer immunotherapy trials, including revenue and commercial simulations
- Build, update, and maintain financial models
- Formulate investment recommendations based on fundamental analysis, valuation, and risk assessment of individual companies
- Write research reports and notes on companies, immunotherapy mechanisms and modalities (e.g., in vivo cell therapy), and specific cancer settings, for distribution to institutional clients and corporate audiences
- Stay current on relevant company, market, scientific, clinical, and regulatory developments
- Support senior equity research professionals at medical and scientific conferences, including preparation, attendance, and post-conference analysis
- Respond to inquiries from firm personnel and clients
Experience and Qualifications Required- Advanced degree: PhD, MD, or a discipline-relevant Master's degree (e.g., pharmacology, molecular biology, physiology, bio/chem engineering, biostatistics, or another directly relevant scientific or quantitative field). We encourage candidates who have completed significant coursework toward a PhD or MD or bachelor's candidates with more than four years directly relevant experience to also apply.
- At least one year of relevant business experience - consulting, biopharmaceutical business development, or sell-side/buy-side equity research.
- Genuine intellectual curiosity and drive: comfortable digging into primary sources (trial protocols, scientific literature, conference data, KOL conversations) rather than secondary summaries
- Strong quantitative and analytical skills, including hands-on experience with statistical or simulation-based analysis (e.g., Monte Carlo/revenue simulation, survival analysis); preference for candidates with working knowledge of biostatistics and/or quantitative surveys
- Strong financial modeling, forecasting, and Excel skills; preference for candidates with Access or other database experience
- Working knowledge of the biotechnology and pharmaceutical industries, including preclinical assessment, clinical development, regulatory affairs, business development, and commercialization
- Experience with and/or enthusiasm to build processes that effectively use AI-enabled tools to improve research, analysis, and productivity, with appropriate judgment regarding data quality, confidentiality, and verification
- Excellent written and verbal communication skills
