Am I getting ghosted?

Hey everyone, would appreciate some perspective on my situation.

I recently went through recruiting for an equity research associate role. The process included 4 interviews with the team and Director of Research, along with 2 modeling/writing assessments.

After the first assessment, I received feedback the same day and moved forward pretty quickly. I submitted the second assessment about a week ago and have not heard anything since.

I followed up with the recruiter a few days after submitting, and their response was “we will have news for you soon.” It has now been about a week since that follow up and still no update.

At this point, I am trying to gauge how to interpret the silence. Is this normal for ER recruiting timelines, or is this typically a sign that I am being passed on?

Would appreciate any insight from people who have gone through similar processes.