Job Description

Title: Equity Research Associate – Immuno-Oncology

Reports to: Senior Equity Research Analyst

Department: Equity Research

Location: New York

Salary Range: $135,000–$170,000

About the Role

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

About Leerink

As the leading investment bank to the healthcare and life science industries, we help our clients move healthcare forward. With differentiated sector knowledge, unrivaled expertise, and a complete suite of capital market and advisory solutions, we are the industry’s partner of choice. Leerink Partners is a member of FINRA/SIPC. For more information, please visit: www.leerink.com

Equal Employment Opportunity

Leerink Partners is an equal opportunity employer and is dedicated to expanding its commitments and investments to create a more diverse, equitable and inclusive company culture and innovative ecosystem. We are strongly committed to the values and policy of equal employment opportunity across our employment practices.

Actual starting base pay will be determined on skills, experience, and other non-discriminatory factors permitted by law. Total compensation may also include variable incentives, bonuses, benefits, and/or other perks, as outlined in any formal offer made.