Biotech Equity Research Analyst

Equity Research Analyst, Biotechnology and Pharmaceuticals

Daimyo | 10880 Wilshire Blvd, Suite 985, Los Angeles, CA 90024 | Full Time, In Office

About Daimyo

Daimyo is a Multi Strategy Hedge Fund based in Los Angeles, investing in liquid public equities and derivatives. Its investment process is built on deep fundamental research. Biotechnology, pharmaceuticals and healthcare therapeutics are among the sectors the firm actively covers, and in these sectors the firm believes rigorous scientific, clinical and regulatory analysis and understanding create a durable advantage over consensus. The firm operates a Multi Strategy Hedge Fund, invests a Permanent Capital Base on its own behalf, and manages a Family Office Portfolio.

Position Summary

Daimyo is seeking an Equity Research Analyst to join the Investment Team, reporting directly to the Investment Director. This position is for an experienced investment professional who can work independently and take full ownership of coverage from the first day. The Analyst will research and underwrite publicly traded biotechnology and pharmaceutical companies across market capitalizations. They will identify businesses with the strongest growth prospects and the most robust pipelines, along with companies whose science and commercial potential the market undervalues.

The role has two mandates. The first is assessing the firm's existing portfolio of biotechnology, pharmaceutical and healthcare companies, reviewing current holdings against their fundamentals and identifying opportunities to strengthen and expand it over the long term. The second is underwriting opportunities around specific clinical, regulatory and corporate catalysts. Every investment recommendation must rest on clear, concise and thoroughly documented research. The Analyst must be able to say clearly why a company is or is not investable.

Key Responsibilities

Scientific and Clinical Diligence

• Evaluate disease biology, mechanism of action, target validation and modality, including small molecules, biologics, antibody drug conjugates, bispecifics, cell and gene therapy, RNA therapeutics and vaccines

• Assess clinical trial design from Phase 1 through Phase 3: endpoint selection, control arm (placebo, active comparator, external or natural history control), randomization and blinding, eligibility criteria, sample size and statistical powering

• Analyze Phase 2 to Phase 3 continuity and flag risk factors such as endpoint switching, dose changes, population enrichment or expansion, and reliance on single arm or open label data

• Interpret clinical data and biostatistics independently, including hazard ratios, confidence intervals, responder analyses, subgroup findings and multiplicity adjustments

• Use class precedents and competitor outcomes to calibrate expectations ahead of data readouts

• Work closely with external scientists, physicians, key opinion leaders, data specialists and other medical professionals whose expertise strengthens the firm's research

Regulatory and Industry Analysis

• Assess regulatory pathways and timelines, including IND, NDA and BLA submissions, priority review, accelerated approval, and Breakthrough Therapy, Fast Track, Orphan Drug and RMAT designations

• Monitor PDUFA dates, advisory committee meetings, Complete Response Letters, clinical holds and label negotiations, and estimate their effect on valuation

• Track industry trends, the competitive landscape, pricing and reimbursement policy, and FDA and EMA regulatory developments to inform investment strategy

• Follow advances in healthcare therapeutics and emerging platform technologies

Valuation, Modeling and Reporting

• Build and maintain risk adjusted NPV (rNPV) and DCF models, with probability of success assumptions grounded in a review of trial design, not industry averages alone

• Develop bear, base and bull scenario analyses with explicit outcome probabilities around binary catalysts

• Model commercial potential, including epidemiology, treatment paradigm, pricing, penetration curves and competitive positioning

• Analyze balance sheets, cash runway, dilution risk, financing structures, and partnership and royalty economics

• Build and maintain dashboards and reports that track coverage names, catalysts and the performance of investment initiatives

Portfolio Contribution

• Work with the Investment Director to assess and manage the firm's existing portfolio of publicly traded biotechnology, pharmaceutical and healthcare companies, including reviewing current holdings, recommending additions and exits, and building the portfolio from its current base

• Originate long and short ideas through systematic sector screening, with a focus on mispriced pipelines and undervalued research

• Prepare detailed investment memos and presentations that clearly explain products from early through late stage development, covering their science, potential, competitive advantage and intrinsic value

• Maintain a catalyst calendar and recommend position sizing, timing and derivatives strategies around key events, including hedging existing positions, reducing cost basis and structuring options positions ahead of binary readouts

• Monitor M&A, licensing activity and strategic interest from large pharmaceutical companies as paths to value realization

• Collaborate with portfolio managers, analysts and senior investment staff to execute investment strategies and efficiently deploy firm capital

Information Gathering

• Attend medical, scientific and investor conferences in the United States and abroad as needed (for example ASCO, ASH, ESMO, AAN and JPM Healthcare)

• Engage with company management teams, expert networks and industry contacts

• Synthesize SEC filings, earnings calls and sell side research into independent conclusions grounded in evidence

This position is open to experienced candidates only. Recent graduates and candidates without professional investment experience will not be considered.

Qualifications

Required

• A Bachelor's degree and a Master's degree that together combine finance and science. Examples are a science undergraduate degree with a Master's in finance, or a business or finance undergraduate degree with a Master's in chemistry, biology, biochemistry, pharmacology or a related life science field. A PhD, MD or PharmD also meets the advanced degree requirement

• A minimum of 3 years of full time professional investment experience after completing your degree, in biotechnology or healthcare equity research, buy side investing, private equity, venture capital or a comparable investment role. Internships, academic research positions and graduate coursework do not count toward this requirement

• Prior experience at a hedge fund, asset manager or investment fund dedicated to biotechnology and healthcare

• Completed Series 7, Series 63 and SIE licenses

• A demonstrated record of originating and defending investment ideas, with the ability to manage a coverage universe independently and with minimal supervision

• A strong grounding in disease biology and a working command of the pharmaceutical development and commercialization process

• Exceptional knowledge of options and other derivatives and how they apply to biotechnology and healthcare equities, including hedging, cost basis reduction, volatility around binary events, and structuring positions to manage risk and improve returns

• Demonstrated experience building detailed financial models and investment presentations on biotechnology and pharmaceutical assets

• Experience covering medical technology (medtech) companies, or the ability to extend coverage into the sector

• An established network of C suite executives, industry experts, key opinion leaders and other industry contacts in one or more therapeutic areas

• Progress toward or completion of the CFA designation

• Proficiency in Excel, SQL and the Bloomberg Terminal, and familiarity with FactSet, Evaluate Pharma, Citeline or comparable databases

• Excellent written, verbal and presentation skills, with the ability to explain complex scientific and financial information to diverse audiences and to defend a thesis under rigorous questioning

What Defines Success in This Role

• Intellectual curiosity and rigor: you dig past the headline data to the underlying science and trial design

• Discipline and honesty: you separate evidence from narrative, guard against hindsight bias and update your views when the data warrants

• Ownership: you treat your coverage as capital at risk

• Collaboration: you listen well, work effectively with senior investment staff and outside experts, and communicate conviction and uncertainty in precise terms

Compensation

Compensation will be commensurate with the candidate's qualifications, including skills, experience, and relevant education and training. The position may also be eligible for a discretionary bonus that reflects long term contribution and investment performance.

How to Apply

Please submit your resume to View email address on click.appcast.io. Candidates are encouraged to include a one page written summary on a publicly traded biotechnology or pharmaceutical company they believe the market is mispricing. The summary should give a view on probability of success and the scientific or trial design factors behind it.

Equal Opportunity Employer

Daimyo believes all individuals are entitled to equal employment and advancement opportunities without regard to race, religious creed, color, sex, national origin, ancestry, physical disability, mental disability, medical condition, genetic information, marital status, gender, gender identity, gender expression, age for individuals forty years of age and older, military and veteran status, sexual orientation, and any other basis protected by applicable federal, state and local laws. Daimyo does not discriminate or adopt any policy that discriminates against an individual or any group of individuals on any of these bases.