I think you overestimate the ability, skill and work ethics of...

I think you overestimate the ability, skill and work ethics of the average biotech analyst. You just have to look at CU6 over the last few years to see this in action. All the data required to know CU6 was massively undervalued had been there for years before the SP started to run.

The reality is the average motivated retail investor who is willing to spent a few hours doing their own research is better informed than 99% of profession biotech investors and analysts. Now if someone with a lot of money turns over the investing decision making process entirely to some biotech trained AI we might see things change, but while humans are still in the loop lots of good opportunities will be missed by the professionals.