Job Description

At T. Rowe Price, we identify and actively invest in opportunities to help people thrive in an evolving world. As a premier global asset management organization with more than 85 years of experience, we provide investment solutions and a broad range of equity, fixed income, and multi-asset capabilities to individuals, advisors, institutions, and retirement plan sponsors. We take an active, independent approach to investing, offering our dynamic perspective and meaningful partnership so our clients can feel more confident.Â

We believe doing the right thing for our clients and our associates is good business. With a career at the firm, you can expect opportunities to create real impact at work and in your community. You’ll enjoy resources to support your career path, as well as compensation, benefits, and flexibility to enrich your life. Here, you’ll find a collaborative culture that respects and values differences and colleagues who share a spirit of generosity. Â

Join us for the opportunity to grow and make a difference in ways that matter to you.Â

Role Summary

We are seeking an exceptional investor to join our global equity research platform as an Investment Analyst covering the Biotechnology sector. The successful candidate will perform fundamental analysis of the sector to identify key trends and the best-positioned companies, develop and communicate investment recommendations within the firm, and contribute directly to portfolio performance. The role also provides thought leadership on healthcare trends and mentorship to more junior members of the healthcare investment team. We are looking for intellectually curious, highly competitive investors with a passion for markets, businesses, and the pursuit of alpha. This role is based in Baltimore.

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The Ideal Candidate

The ideal candidate is an exceptional investor with strong fundamental research skills, independent judgment, and the conviction to develop differentiated investment views. They are intellectually curious, highly driven, and skilled at identifying business inflection points and uncovering unique insights. This role offers significant responsibility, direct engagement with senior portfolio managers, and meaningful influence on global portfolio outcomes. The successful candidate thrives in a collaborative, high-performance environment and embraces AI as a tool to enhance research and investment decision-making. If you are passionate about investing, energized by the Biotechnology industry, and eager to contribute to a world-class global investment organization, we would like to hear from you.

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Responsibilities

Generate High-Conviction Investment Ideas:

• 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 regarding business quality, management effectiveness, competitive positioning, valuation, and long-term earnings power.
• Generate actionable recommendations supported by rigorous analysis and clear investment reasoning.

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Conduct Deep Fundamental Research:

• Perform extensive primary research through meetings with company management teams, competitors, suppliers, customers, industry experts, and other key 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 secular trends affecting the Healthcare sector, specifically Biotechnology companies.

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Influence Investment Decisions:

• Present well-supported investment recommendations to portfolio managers and other investment professionals.
• Clearly articulate investment theses, key catalysts, downside risks, valuation frameworks, and expected risk/reward outcomes.
• Engage in rigorous debate, challenge consensus thinking when warranted, and contribute to a culture of intellectual honesty and continuous improvement.
• Monitor portfolio holdings and recommendations, providing ongoing updates as facts and circumstances evolve.

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Leverage Technology and AI to Enhance Research:

• Utilize AI-powered research, data analysis, and workflow tools to increase research depth, efficiency, and insight generation.
• Incorporate emerging technologies, alternative data sources, and advanced analytical techniques into the investment process.
• Develop repeatable research workflows that leverage AI to enhance information synthesis, company analysis, modeling, and idea generation.
• Continuously evaluate and adopt new technologies that can improve research quality and create a sustainable investment edge.

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Qualifications

Required:

• 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.
• Consistently shows maturity and sound judgment, with the ability to inspire confidence in high pressure or stressful situations.
• Competitive nature with an investment mindset, supported by a deep interest in equity markets.
• Strong quantitative analysis capabilities.
• Exceptional communication skills, enabling the delivery of high quality, technically rigorous written research.
• Baltimore (re)location.

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Preferred:

• 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 leveraging AI-enabled research tools to enhance equity analysis and investment decision making, while applying rigorous judgment to validate insights.

FINRA Requirements

FINRA licenses are not required and will not be supported for this role.

Work Flexibility

This role is eligible for hybrid work, with up to one day per week from home.

Base Salary Ranges

Please review the job posting for the location of this specific opportunity.

$180,000.00-$300,000.00 for the location of: Maryland, Colorado, Washington and remote workers

$180,000.00-$300,000.00 for the location of: Washington, D.C.

$180,000.00-$300,000.00 for the location of: New York, California

Placement within the range provided above is based on the individual’s relevant experience and skills for the role. Base salary is only one component of our total compensation package. Employees may be eligible for a discretionary bonus, which is determined upon company and individual performance.

Commitment to Diversity, Equity, and Inclusion

At T. Rowe Price, our associates are our greatest asset. We thrive because our company culture is built on inclusion and because we sustain a work environment where associates can bring their best selves to work every day. The backgrounds, talents, and experiences of our global associates allow us to embrace new ideas and perspectives that move our business priorities forward and enable us to deliver strong client outcomes. Here, you can expect equal opportunity and fair and consistent treatment for all.Â

Benefits

We value your goals and needs, at work and in life. As an associate, you’ll be supported with resources, benefits, and work-life balance so you can thrive in ways that matter to you.  Â

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Featured employee benefits to enrich your life: Â Â

• Competitive compensation Â
• Annual bonus eligibility Â
• A generous retirement plan Â
• Hybrid work schedule Â
• Health and wellness benefits, including online therapy Â
• Paid time off for vacation, illness, medical appointments, and volunteering days Â
• Family care resources, including fertility and adoption benefits Â

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Learn more about our benefits. Â

T. Rowe Price is an equal opportunity employer and values diversity of thought, gender, and race. We believe our continued success depends upon the equal treatment of all associates and applicants for employment without discrimination on the basis of race, religion, creed, color, national origin, sex, gender, age, mental or physical disability, marital status, sexual orientation, gender identity or expression, citizenship status, military or veteran status, pregnancy, or any other classification protected by country, federal, state, or local law.