Investment Analyst: Biotechnology Sector

T. Rowe Price • Baltimore, MD

3d • Hybrid

About The Position

T. Rowe Price is seeking an Investment Analyst to cover the Biotechnology sector as part of its global equity research platform. The analyst will conduct fundamental research to identify industry trends and well-positioned companies, develop and communicate investment recommendations, and contribute directly to portfolio performance. The position also provides thought leadership on healthcare trends and mentorship to more junior members of the healthcare investment team.

The analyst will develop differentiated investment views, build and maintain financial models and industry frameworks, and assess company quality, management, competitive positioning, valuation, and long-term earnings power. Research includes extensive primary research with company and industry participants, analysis of financial statements and market data, and field research such as company visits, conferences, and channel checks where appropriate. The analyst will present recommendations to portfolio managers, monitor holdings and recommendations, and incorporate AI-enabled tools and other technologies to enhance research and investment decision-making.

The role is based in Baltimore and is eligible for hybrid work, with up to one day per week from home. Baltimore relocation is required. The stated base salary range is $180,000–$300,000, with placement based on relevant experience and skills. Employees may also be eligible for a discretionary bonus based on company and individual performance.

Requirements

• MD, PhD, or other advanced life-science degree.
• Minimum 3–4+ years of investment experience in the Biotechnology sector.
• Demonstrated academic excellence and a passion for investing.
• Maturity and sound judgment, with the ability to inspire confidence in high-pressure or stressful situations.
• Competitive nature, an investment mindset, and a deep interest in equity markets.
• Strong quantitative analysis capabilities.
• Exceptional communication skills, including the ability to deliver high-quality, technically rigorous written research.
• Baltimore (re)location.

Nice To Haves

• Previous experience covering Biotechnology stocks.
• Understanding of drug development, clinical trial phases, regulatory approval pathways (FDA/EMA), pricing, and reimbursement.
• Ability to incorporate regulatory risk, policy changes, and ESG considerations into investment theses.
• Previous experience using AI-enabled research tools to enhance equity analysis and investment decision-making while applying rigorous judgment to validate insights.

Responsibilities

• Develop differentiated investment views and identify attractive investment opportunities across the Biotechnology industry.
• Build and maintain detailed financial models, industry frameworks, and company analyses.
• Form independent conclusions about business quality, management effectiveness, competitive positioning, valuation, and long-term earnings power.
• Generate actionable investment recommendations supported by rigorous analysis and clear reasoning.
• Conduct primary research through meetings with company management teams, competitors, suppliers, customers, industry experts, and other industry participants.
• Analyze financial statements, industry data, market trends, and alternative information sources to develop unique insights.
• Conduct field research, including company visits, industry conferences, and channel checks where appropriate.
• Develop a deep understanding of industry value chains, competitive dynamics, technological change, and long-term trends affecting healthcare and biotechnology companies.
• Present investment recommendations to portfolio managers and other investment professionals, articulating investment theses, catalysts, downside risks, valuation frameworks, and expected risk/reward outcomes.
• Engage in rigorous debate, challenge consensus thinking when warranted, and contribute to intellectual honesty and continuous improvement.
• Monitor portfolio holdings and recommendations and provide ongoing updates as facts and circumstances evolve.
• Use AI-powered research, data analysis, and workflow tools to enhance research depth, efficiency, and insight generation.
• Incorporate emerging technologies, alternative data sources, and advanced analytical techniques into the investment process.
• Develop repeatable AI-enabled research workflows and evaluate technologies that can improve research quality and investment edge.
• Provide thought leadership on healthcare trends and mentor more junior members of the healthcare investment team.

Benefits

• Competitive compensation.
• Annual bonus eligibility.
• Generous retirement plan.
• Hybrid work schedule.
• Health and wellness benefits, including online therapy.
• Paid time off for vacation, illness, medical appointments, and volunteering days.
• Family care resources, including fertility and adoption benefits.
• Resources and support for work-life balance.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: Ph.D. or professional degree