Guide To Evaluate a Biotech Company

I am currently a research analyst intern at a relatively decent sized hedge fund. One of my responsibilities is being in charge of the biotech stocks in the portfolio as well as researching new opportunities in the biotech sector. Hopefully this helps some people who are in need of some help whether it's pitching a stock for an interview or just for personal investing. There is big money to be made in the biotech sector.

Evaluating biotech companies to invest in cannot be done in the conventional way (i.e using common metrics such as P/E, Revenue,etc.) A biotechl company, especially a small one, has little to no revenue and earnings. Does this make the company crap? No, because all these companies are focused on research and development. Instead, there are three main keys to focus on while looking at a bio-pharmaceutical company.

1) Cash
2) Catalysts
3) Pipeline Potential

The first key point is cash. How much cash does the company have on hand? When was the last time they diluted their shares? How long can they last with the current cash they have on hand? How do they receive cash (i.e. by partnership, outside institutional funding, issuing more shares)?

Cash is the lifeblood of biotech companies. Without cash, they cannot fund their testing and trials which means that the company is doomed for failure.

The next key point is catalysts. What are some predicted events that will shift the stock price in a positive way? Is it the announcement of a trial that will be concluded? Is a new management team being hired? Did the quarterly financial results beat the expected data?

Catalysts are a huge attribute to biotech companies. That is how money is made and lost when investing in biotech.

Ex. A certain company is in the midst of their Phase IV trial. The trial is suppose to conclude at the end of Quarter 2 in 2013. If you expect the results to be favorable, that would be a catalyst for the stock price.

The last major key point is pipeline potential. The pipeline is all the company's drugs that they either have on the market and/or are currently testing. A diversified, well-rounded pipeline is favorable. When one speculative company only has one drug in their pipeline, it is incredibly risky to investors because if that drug is unsuccessful, then the company is at risk of completely failing.

To put this into action, let's do a quick evaluation of Celsion Corporation (CLSN).

First, let's look at their cash situation. At the end of Q3 in 2012, they had a total of $23m in cash & equivalents. In addition to this $23m, Oxford and Horizon has promised to fund $5m to CLSN if their HEAT study trial, which will be completed at the end of January, shows positive results.

Management has directly stated that the current cash is sufficient to last until the end of 2013 and no dilution will be issued until at least after the results of the HEAT study trial is out.

So for CLSN, cash situation looks fine.

Second, let's look at some short-term catalysts. The major one will be the announcement of their HEAT study trial results at the end of January. Many investors are optimistic about the results and investors have often seen biotech share prices increase as much as 200% after a successful announcement of testing.

Last, let's look at their pipeline. ThermoDox is the drug that they are currently performing tests on. However, ThermoDox is believed by Celsion to be able to treat multiple types of diseases. ThermoDox is on the verge of treating liver cancer, and is being tested for the treatment of breast cancer, and colorectal liver mets.

Due to this quick evaluation, one can see how to generally evaluate a biotech company.

Hopefully this has helped. If you have any questions or comments feel free to ask/share.

WSO Elite Modeling Package

  • 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF
  • Elite instructors from top BB investment banks and private equity megafunds
  • Includes Company DB + Video Library Access (1 year)

Comments (80)

Jan 8, 2013 - 7:48am

nice quick summary. I'm interested in how you can evaluate the potential success of trials and what not with insiders info. I assume you would hire an industry expert such as some Biochem PHD who can break down the secret sauce and analyze it.

Jan 8, 2013 - 12:37pm

ladubs111:
nice quick summary. I'm interested in how you can evaluate the potential success of trials and what not with insiders info. I assume you would hire an industry expert such as some Biochem PHD who can break down the secret sauce and analyze it.

Amphipathic:
To piggyback on what ladubs111 said, I am rather unclear how non-PhDs can research and evaluate biotech stocks without understanding the science.

Generally there will be access to professionals who understand the science of it all since most if not all finance people have no idea about biotechnology itself.

I actually use a lot of outside sources to help give me an idea of trial. Other factors such as recent partnerships, outside funding, insider buying, and other drugs in their pipeline being successful all attribute to more increased confidence in a company and their drug testing.

Since analyzing biotech companies is difficult in the sense that we don't understand the science behind their products, it is a big risk factor but also has unlimited profit potential.

Learn More

300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

Learn more
Jan 8, 2013 - 1:00pm

BigHedgeHog:
why your fund would hire someone with no science background to analyze bio stocks is beyond me

Even with a science background the people that can analyze this shit is like 10 year industry experienced PHD from Amgen, Baxter, etc. Its way beyond a normal PHD graduate. I have a STEM background and I could not tell you why the fuck the Dreamliner keeps on catching on fire.
Jan 8, 2013 - 10:23pm

BigHedgeHog:
why your fund would hire someone with no science background to analyze bio stocks is beyond me

Yeah I'm really not getting it. Love to know which funds do this so I could be taking the other side of their trades.

Sep 27, 2014 - 9:20pm

I actually thought this myself until doing some research in the space. Bottom line is, smart people figure shit out. Hence reading comprehension sections in any standardized test will include dense science passages which assume absolutely zero background knowledge. Perhaps the greatest biotech investor of all time is Randall Kirk...a JD from UVA.

Sep 27, 2014 - 9:21pm

Stock Pitch - Biotech? (Originally Posted: 10/02/2015)

I am prepping for an upcoming interview in PB and wanted to have a stock pitch ready. I've been researching a particular stock in the biotech industry but knowing how this industry has plummeted significantly recently with the case of the Fed and volatility of the markets, I am now doubting pitching this stock. I'm considering researching something else unless I can make the argument that biotech is a good opportunity to buy low.

Any thoughts? Biotech still good to pitch? If not, any suggestions on which industry I should probably take a look at?

Sep 27, 2014 - 9:22pm

I would not pitch a biotech company unless you truly understand the science behind their products. Similarly, if you are pitching to a team with biotech coverage they will likely eat you alive

I'm on the pursuit of happiness and I know everything that shine ain't always gonna be gold. I'll be fine once I get it
Jan 8, 2013 - 3:11pm

I'll chime on here, but I have to be a little careful what I say.....

I saw this headline and thought "interesting, but how the hell is this WSO poster going to teach us to value science". What he says is 100% true, but the only thing that matters is the pipeline potential. While worrying about burning through cash is real, if the potential is even reasonable the company will get the cash.

What I'll tell you is that it's not realistic to value the potential of an early stage drug. All you can do is make estimates at parameters of the value of the drug and of the costs to develop (side note - I think I remember reading that it now takes on average $1B for big pharma to fully develop and market a drug). Even the companies developing the drugs probably don't have accurate values of what the drug will be.

I agree with BigHedge in that I assumed most funds would hire science or engineering backgrounds for this type of position, but ladubs is also right - no entry level employee is going to get it right.

This really just boils down to risk tolerance vs. reward. As an outsider, I avoid small biotechs because my investment might go up 500% in the next 3 years if successful Phase 2 and Phase 3 testing is complete, but I really have no idea if either will be successful. Of course management will tell you they like their chances, but that management speak isn't good enough for my $.

twitter: @CorpFin_Guy
  • 3
Sep 27, 2014 - 9:23pm

Usefulness of multiples valuation for small biotech firms? (Originally Posted: 01/08/2015)

Hi all,

I was reading through a few primers for biotech, and most of them focused on finding the NPV for each drug in the pipeline, and having them probability adjusted. But some of the forum posts here recommend using multiples to value the company.

Earnings multiples would not be useful since a lot of these firms have negative earnings and EBIT. But what about sales multiples? Is Price-to-Sales used to value these companies? And how would the multiple change if the revenue came from royalties as opposed to 100% commercialization rights?

The GS primer from 2006 says the sales multiples range from 3x-10x, so would you use a lower multiple for companies relying on royalties?

I'm really interested to hear your thoughts about using multiples to value these small biotech firms. Thanks in advance!

Jan 9, 2013 - 1:49pm

Hi everyone, I'm new here to this site and just perusing somewhat. I saw this post and it looked interesting so I would just like to add some comments. I've been around for a while, teach finance and am a CFA charterholder, but not a biotech expert by any means - though my general knowledge is respectable enough I suppose. Sometimes I question my expertise in everything...:)

I have invested in biotech/pharma stocks and tend to stay away from them in general, but once in a while invest What I've learned is that it is not always good or bad science that determines the ultimate value, but the FDA, a government (and thus political) organization. I have seen good science, confirmed by independent industry experts, go nowhere, and we've all seen crap get approved.

I disagree that you have to be scientist to properly analyze a biotech stock. Mainly because there are many other factors that determine value than the underlying science. Like what the market thinks about the science. For public companies, determining "value" relative to a stock price is easier than determining it from scratch.

Also, from what I've seen, the real options approach has largely replaced DCF as the model of choice. Since approval/no approval is a binary outcome, it makes sense.

Cheers

Jan 12, 2013 - 10:47pm

rdlgeo:
Hi everyone, I'm new here to this site and just perusing somewhat. I saw this post and it looked interesting so I would just like to add some comments. I've been around for a while, teach finance and am a CFA charterholder, but not a biotech expert by any means - though my general knowledge is respectable enough I suppose. Sometimes I question my expertise in everything...:)

I have invested in biotech/pharma stocks and tend to stay away from them in general, but once in a while invest What I've learned is that it is not always good or bad science that determines the ultimate value, but the FDA, a government (and thus political) organization. I have seen good science, confirmed by independent industry experts, go nowhere, and we've all seen crap get approved.

I disagree that you have to be scientist to properly analyze a biotech stock. Mainly because there are many other factors that determine value than the underlying science. Like what the market thinks about the science. For public companies, determining "value" relative to a stock price is easier than determining it from scratch.

Also, from what I've seen, the real options approach has largely replaced DCF as the model of choice. Since approval/no approval is a binary outcome, it makes sense.

Cheers

this is absolutely correct! biotech companies are still businesses and there are plenty of other normal business factors to consider.

However, you'll never understand the FDA process fully until you've followed a couple. Drug approval isn't just a simple checklist and sometimes you'll see great products get denied for some stupid reason. Now the company needs a ridiculous amount of cash and will have to dilute shareholders by accepting capital from some greedy PE firm. Marketing, distribution, shareholder friendliness, CEO experience are other things you can base valuation on.

The key here is to know everything about the FDA and how much management knows about the FDA

Jan 8, 2013 - 4:09pm

You don't have to be an M.D. to evaluate the statistical significance of trial data. Looking at past PDUFA decisions by the FDA for similar drugs can give a lot of insight into the potential for success.

Sep 27, 2014 - 9:25pm

Good Biotech/Pharma stock to pitch in an interview? (Originally Posted: 12/08/2012)

Wanted to ask what would be a good biotech/pharma stock that I can use in an interview?

M.B.A.(c) | Ph.D. - Biochemistry | M.Sc., B.Sc. - Molecular Biology and Genetics
Sep 27, 2014 - 9:26pm

I like Alnylam (ALNY), their delivery platform is unmatched. And they have great stuff on the way...
And Achillion (ACHN), I think they have one of the more promising hcv drugs, ACH-1625. HCV is a tricky market, but I like its profile best compared to gilieads or vertex's (even though I'm still bullish on vertex after the immense pullback.

Sep 27, 2014 - 9:28pm

Try Organovo (ONVO). Small cap but has an innovative product/service with strong revenue growth prospects, partnerships with pharm giants and universities, and intellectual property protection. Also up 10% today.

Jan 8, 2013 - 4:09pm

I think some analysts use a certain type of DCF to determine the amount per share that the medicine (or similar) represents, I once owned a small biotech in Belgium (they tend to have a lot biotech potentials these days) and when a certain phase was not passed analysts revalued the stock from 12 to 9, saying that the medicine would have earned 3 a share if it had been released.

How do they do compute this? No clue, and I can hardly believe that any nonscience (be it academic or recreational) guy can derive it.

Sep 27, 2014 - 9:31pm

How to get into biotech equity research (Originally Posted: 07/11/2012)

I'm trying to get into biotech equity research but not having any luck yet. I have a BA in biochem and I'm about to finish CFA, with more than a year of general sell-side equity research experience.

Should I get an advanced hard science degree? MBA? Or should I get an ER job in any field with the hope of eventually moving into biotech/healthcare?

Sep 27, 2014 - 9:32pm

What is general sell side research? Didn't you cover an industry or sector at a broker-dealer?

Sometimes sell side shops for biotech like people who have worked in the industry for a few years. So, if you worked at Pfizer or some specialty pharma, that's valuable. Try for a healthcare role in the industry, an MBA doesn't help for ER.

Jan 9, 2013 - 2:00pm

the biotech sector is probably the most corrupted sector to trade in.

you have the understand the ceos have the fda in their pockets and only a few pharm industries get fda approval let alone make it to phase 3

most companies are inside traded pump and dumps schemes with monkeys for management.

Sep 27, 2014 - 9:33pm

Biotech Company Model (Originally Posted: 08/18/2015)

Hi all,

Does anyone have a model for a biotech company that they would like to share? I just started covering the industry at a boutique bank as an intern and I was asked to build a comprehensive model in a short amount of time. I would appreciate it if anyone has a model that I can refer to!

Thank you!

Sep 27, 2014 - 9:36pm

Valuing biotech through DCF - previous R&D losses? (Originally Posted: 09/25/2015)

Hi WSO,

I'm working to value and determine the 'proper' stock price of a public early-stage biotech with no revenue. They have a single drug in the pipeline that is currently in two phase 2 trials. I'm using the risk-adjusted NPV approach of estimating likelihood of approval, peak sales, etc.

This company has $100m in net operating losses from preclinical and phase 1 R&D over the last couple years. Significant negative retained earnings, of course. No debt.

When doing the DCF, I'm not sure if I should be taking into account the previous R&D spending that has occurred (other than the tax benefit of the nol). Shouldn't the accumulated deficit and low cash levels of the company make a difference? Should I not take the future value of the past R&D cash outflows and bring them up to the present?

Taking the argument to the extreme, not taking past history into account would value equally the same company with the same estimated future FCF 1) if it had extremely high cash levels and retained earnings, or 2) none at all.

Just trying to reconcile this in my head. Any advice would be great.

Sep 27, 2014 - 9:37pm

If the money was spent, its gone. Can't undue that. So it's a sunk cost and isn't factored into your current analysis. If you had done this before they spent the money on R&D then you would factor in that spending as a capital expenditure. I'm not entirely familiar with biotech valuation so there could be some differences due to the high levels of R&D. Second highest percent of revenues spent on R&D, industry wise. So you may have to account for frequent R&D expenses

Sep 27, 2014 - 9:38pm
mjp_1010:

Hi WSO,

Shouldn't the accumulated deficit and low cash levels of the company make a difference? Should I not take the future value of the past R&D cash outflows and bring them up to the present?

No offense, but I think you might be overthinking it with questions like that.

Simply put, as another poster mentioned, the past R&D spend is gone and you don't need to worry about it anymore. However, as you rightly recognize, that's not entirely worthless because you now have significant NOLs. You just have to be able to correctly model out how they'll impact your future cash taxes and you should be on your way. As a heads-up, if the company is still in phase II, you'll likely continue to accumulate significant NOLs until the product launches so make sure to model that out correctly as well.

Aside from that, it should be like any other DCF after probability adjusting certain cash flows.

Sep 27, 2014 - 9:39pm

"Taking the argument to the extreme, not taking past history into account would value equally the same company with the same estimated future 1) if it had extremely high cash levels and retained earnings, or 2) none at all."

Just wanted to address this part.
1) You need to make the distinction between an accounting concept (net income and retained earnings) and a finance concept (free cash flow). A high retained earnings account (i.e. positive accumulated income) does not equate to a high (or even positive) accumulated cash flow (specifically, cash flow derived from operations). However, a net loss for an early stage biotech company probably also relates to a negative cash flow (and thus, high cash burn rate and decreasing cash balance on the b/s).
2) Now, let's think about DCF. In DCF, you estimate the INTRINSIC value (i.e. the whole company, regardless of financial structure). And such value is derived from FCFs going forward (i.e. if I was an investor of the company today, I only care about what I will receive going forward). Now, you also take the NOLs into account because NOLs have a future value through the carry forward rule.

Now, where does the cash levels come in? Remember the difference between enterprise value and equity value? Basically, before you get to your share calculations, you should get to the equity value from the EV derived from DCF by subtracting total debt and adding cash & cash equivalents. Think about buying an apple tree. You have dips not only on the future apples the tree will produce but also on the apples hanging on the trees right now.

Jan 12, 2013 - 5:55pm

Thanks for posting. Being a major in biotech and having interned in a pharmaceutical company, I found the reading very interesting. I think that the biotech/pharmaceutical business is one of the most complex to understand, and certainly there are multiple factors to consider which can have a crucial impact.

Sep 27, 2014 - 9:44pm

Books on BioTech/Pharma - Just a novice book (Originally Posted: 05/25/2011)

hey guys, can anyone recommend any books on biotech/pharma that focus on an investing perspective - I am not looking to go too far into the technical weeds concerning drugs and biological mechanisms. Just a novice book on the development of the industry, its dynamics, and investing strategies would be awesome. Thanks.

"You Want details? Fine. I drive a Ferrari, 355 Cabriolet, What's up? I have a ridiculous house in the South Fork. I have every toy you could possibly imagine. And best of all kids, I am liquid."
Sep 27, 2014 - 9:47pm

I am something of a novice but maybe you'll find what I have to say interesting.

I've been trading/investing in biotech for about 1.5 years and have had some success - I don't remember the book I first read but I happened upon it by chance at my University's Co-op/bookstore. It was required reading for some Pharm/bioengineering class. It talked extensively about the financing challenged faced by clinical pharmaceuticals.

I think their may be some value in examining the financing cycle - e.g. Find the average expected burn rate (how fast the company eats through its cash) and the expected length of the current research/trial phase. I find that as the anticipated catalyst approaches, share price tends to rise. And since it is difficult for clinical stage bio to raise debt, additional financing is generally dilutive.

This is only for smaller "baby" biotech companies...

Looking for a Finance Job - currently unemployed.
  • 2
Best Response
Jan 21, 2013 - 4:01pm

NPV analysis is really the only way for a biotech.

First, establish the probability of launch (generally by looking at previous launches - e.g. targeted antibodies for cancer with good early Phase 1/2 tolerability/toxicity are generally more likely to be successful compared to a drug targeting multiple organ systems such as in sepsis (noting in decades except a withdrawal by FDA), or complex less well fundamentally understood areas of science like neuroscience) or just use "standard" Phase 1/2/3 probabilities, 20%, 40%, 60%.

Second, look at managements guidance and clinicaltrials for expected launch year and then build a peak sales estimate based on time to peak sales and height of peak sales using things like diffusion models and decision trees. Or just use the standard 5 years after launch argument or compare to similar products - e.g. Novartis' Gilenya/Sanofi's Aubagio when looking at Biogen's BG-12

Third, Assume a sales plateau period consisting of incremental price rises and estimates of NRx versus switches and new competitors entering (Zytiga and Xtandi in a few years)... generally plateau when growth slows to below discount rate - generally 10%-20% for biotech). This lasts until patent expiry (e.g as in FDA Orange book).

Estimate an operating margin for each product - very rarely given but often given COGS for a division/segment (e.g Speciality Pharma or Interventional medicine or Cardiovascular EBIT). Probably best to use post-tax pre-R&D margins. Also look at competitive environment as some drugs (e.g. statins/medical devices) may require large sales forces thus >SG&A.

Patent expiry...ummm, what region is the product going off patent in (US/EU/Japan), is it a biologic/white pill, exclusivity/paediactric extensions, authorised generics (e.g, Shire/Impax in aDHD) or straight pure generics, how is it taken/administered (e.g. Advair/Seretides inhaler), what has happened when previous same class drugs have lost patent protection (e.g. Zocor-Lipitor-Crestor).

Obviously other factors to consider too but that should be a start - let me know if i have missed anything important...

Sep 27, 2014 - 9:52pm

hey man, i graduated with a bio degree, worked in medical research for a few years and am now at a ER shop. I can tell you that immunology, microbiology, organic chemistry classes are very useful...however, remember, the biotech industry will only usually provide clinical results, which can you read if they publish the full clinical data in a journal...but I doubt it would help with your investing purposes...I would advise just understanding the gist of what some biotech companies currently produce (what they target), their pipeline, and future pipeline. Understand the FDA process, as approvals rely upon that.

Hope this helps.

Sep 27, 2014 - 9:53pm

that can be helpful in the biotech/pharm sector

Then you need to define what your subject means by "Biotech Investing", as potentially defined by either of the following:

Public Market Investing (Trading) - Nothing upper level science classes will tell you will be useful. At this level, investing is primarily based on statistics (and some basic biology). I don't give two shits if a company comes out with a fancy name called "troponin activator for ALS", if it's clinically ineffective in it's phase I/IIa/IIb/III trial, based on statistical significance and trial design, it's ineffective, period... (i.e. see recent clinical data from Cytokinetics)

Venture Capital (Early Stage) - Upper level classes will be useful for this area, but you don't need to dive deep like the PhD prospects do... Having a basic understanding of Biochemistry and Molecular Biology will suffice; mechanisms in those areas of science are fundamental constraints in all areas of biological study. You will be able to understand the mechanism of potential therapeutics in the pre-clinical environment, that can translate to post-IND human clinical trials.

Sep 27, 2014 - 9:56pm

Biotech Valuation (Originally Posted: 11/10/2014)

Are there any guides that go into depth for biotech valuation?

If not can any professional in the field shed light on this topic?

I know that DCFs are often 30 years long. Take into consideration market size and probability of drugs making it to the market. Each drug is often discounted by its own probability rather than WACC, etc But I dont know too much besides that.

It would be insanely beneficial if someone in the field could give some more in depth knowledge about valuation and multiples for biotech/pharma or point me in the right direction for where to look! I have some interviews coming up and did not do so well on my previous biotech/pharma specific questions

Sep 27, 2014 - 9:59pm

Looking for any research on biotech (smallcap) (Originally Posted: 12/31/2012)

As I mentioned, any ER reports or other research on biotech stocks, specifically companies which have drugs in testing or which are pre market/awaiting regulatory approval to go to market. Cancer drugs, medications etc. It'd be a favor which I'd be happy to return in the future.

“...all truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.” - Schopenhauer
  • 1
Sep 27, 2014 - 10:02pm

No cap restrictions so long as the product is pre market. Looking for public companies preferably but companies looking for VC funding as well would be lovely, thanks.

“...all truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.” - Schopenhauer
Sep 27, 2014 - 10:09pm

valuing methodology for biotech (Originally Posted: 01/10/2011)

I'm trying to model a situation where a biotech company has negative revenue for the past few years but has a billion dollar blockbuster drug in the works that has a very high chance of getting FDA approval early this year.

To value this company, my hunch is to project revenue based on the size of the market for the drug, assume costs stay relatively stable (possibly even decline since clinical trials are draining tons of cash right now), and then discount the cash flow at a rate relative to the stock's beta.

However, several people have commented that comps are the way to go with companies that have no current profit. I'm just not sure there truly is a comparable company that is close to a blockbuster drug, similar sized, and with the same potential revenue.

Any ideas?

Sep 27, 2014 - 10:10pm

Wondering the same. The company in question in a startup biotech firm without any revenues, but will produce some in the near future. How would I perform a DCF analysis? To calculate the terminal value, I would use a comparable company's multiple, but which multiple would I use? Thanks.

Sep 27, 2014 - 10:12pm

There are only a handful of profitable biotechs out there. Use comparble companies to estimate income statement line items. For top line i would construct an indepth market model. ex if its a diabetes drug, you would start with diabetes world wide, US, type, etc. Just discount it back. Biotech valuation is almost always off. Theres no way to really know if a company's drug will be approved or not. or what indications/label restrictions, etc. there will be. Other factors will also come into play, reimbursement, patient demand. etc.

Sep 27, 2014 - 10:14pm

if it is a new company (start-up) you may not have a beta for it to discount CFs. So you need to find a comparable company with similar drug and business risk and unlever its beta and then lever it again based on D/E of you start-up company.

Sep 27, 2014 - 10:15pm

The beta of the company is published so that's not a problem. It's been around for a while but just hasn't been profitable since their income is limited, while their costs for research and development are high. I'm going to do my best to estimate the revenue and cash flow based on estimates of the market size for now.
I'm not going for extreme accuracy with my model. It's more an attempt to prove that I know the basics of modeling. I'll have to make my report stellar though to explain why I've come to my buy ranking.

thanks again

Jun 18, 2020 - 12:33pm

Qui excepturi similique ullam voluptatem doloremque architecto. Architecto deserunt qui eaque officia qui. Suscipit eaque sit rerum dignissimos.

Sint nisi molestiae eveniet facilis voluptatem est officiis porro. Explicabo autem qui officia exercitationem qui aut sed. Voluptatem repellendus delectus sed sunt. Error quo qui dolorum fuga consequuntur quo doloremque. Odio nihil aliquid saepe ullam. Sit aspernatur explicabo qui nostrum debitis qui dignissimos voluptatem.

Itaque quis et unde veritatis. Asperiores dolore assumenda aspernatur ut esse voluptatem quia.

Feb 9, 2021 - 7:29pm

Ducimus aut saepe laboriosam iusto. Fugit reiciendis possimus ipsam. Enim esse iusto at aut.

Soluta aut reiciendis dolor assumenda velit reprehenderit impedit. Eligendi rem quaerat voluptatem et. Iste necessitatibus unde corrupti. Asperiores dicta consectetur nemo ullam corporis dicta. Qui ab unde odit explicabo iste.

Aut et pariatur porro esse. Ut qui accusamus est assumenda quo officiis non. Deserunt distinctio labore dolores nesciunt quidem tempora. Quibusdam est molestiae rerum fuga beatae est et.

Soluta iusto hic voluptates non eos aliquid. Et quia commodi dolores qui vel. Omnis veniam vero sed soluta.

Feb 9, 2021 - 8:35pm

Error laboriosam sed voluptatem exercitationem necessitatibus dolor. Ut tempore aspernatur molestiae at.

Laudantium ducimus amet fugiat officiis voluptatibus. Et a repellendus asperiores eum id sit. Illo sunt aut et eligendi quas. Et velit alias harum maxime velit dolor incidunt.

Voluptatem ullam quaerat reiciendis et delectus. Et neque totam et voluptate. Odio excepturi distinctio vitae quaerat. Recusandae dolores necessitatibus ut repellendus.

Repellat sed omnis ratione vel repudiandae ea deleniti. Libero ducimus et omnis praesentium nihil dolore. Iusto quia rerum voluptates laborum ut ipsum culpa. Aliquid velit quibusdam totam.

Oct 11, 2021 - 1:09pm

Dolore qui laboriosam rerum sit autem enim ratione qui. Occaecati delectus similique a recusandae unde magni a. Qui alias tempora qui non ut.

Ut corporis et praesentium minus. Ut ratione fugit alias aut qui laborum ab. Autem vero nulla quaerat vel ipsum reiciendis. Adipisci reiciendis corrupti rerum amet quibusdam recusandae sequi.

Iusto corrupti et ipsum est velit hic. Fuga a doloribus dolor. Repellat nobis laborum autem. At aperiam veritatis nostrum fuga sit itaque architecto. Assumenda eos eum nostrum deleniti nesciunt.

Molestias veritatis eligendi odio. Non corporis molestias quia iure dignissimos adipisci. Dolores in officiis quaerat sit.

Start Discussion

Total Avg Compensation

October 2021 Investment Banking

  • Director/MD (10) $853
  • Vice President (39) $363
  • Associates (228) $232
  • 2nd Year Analyst (137) $154
  • 3rd+ Year Analyst (31) $147
  • Intern/Summer Associate (104) $143
  • 1st Year Analyst (501) $135
  • Intern/Summer Analyst (387) $83