I post very infrequently these days. That doesn't mean I don't...

I post very infrequently these days. That doesn't mean I don't pay attention. I am simply out of the market at the moment and I do not know when I will be back in.

My post was not to say the report was good, bad or neutral. It was simply to provide a bit of advice based on my own experience as far as interpreting reports goes and to point out some lesser known facts about the pressures that can come to bear on analysts. It is always important to understand what is motivating the writer of a report and what I wrote is what I believe to be true. It is not simply a case of one report being paid for by the company and broker coverage being independent. That 5%-6% capital raising fee comes from the company (and you, the shareholder) and part of it pays for the analyst to cover the stock. The fees for settling on-market trades would not cover 1/10th of the analyst's time spent covering a stock. Pretty much all biotech research is paid for by the company. There are two differences between paid for research and broking research. One is in the route the analyst's share of the funds travel to get into their pocket. The other, probably more important difference, is the reality the analyst faces related maintaining long-term income, which was one of the things I pointed out in the previous post.