DCF Valuation Model for Invex Therapeutics, page-89

None really exist this end of the market for market caps lower than $250M MC as brokerage firms such as Goldman Sachs typically use equity research reports for company's over $500M MC as products to push onto their own insto clients (hedge funds working under them, or high net worth individuals) to buy into a company, or sell short, by where they collect brokerage commissions and land clients by offering free inhouse research. Thus brokerages want a report that they can sell an action to their clients for, thus you'll see bullish reports far more than neutral/fairly valued, or if the original analysis showed only 5% upside, perhaps the inputs are "massaged" to show a 7-10% upside worthy of generating business in form of sales and trading fees.

Therefore, either way you cut it, they unfortunately aren't "independent" given the inbuilt biases of each actor; and research houses that want company commissioned reports will be bullish in their research to attract further contracted work from the company itself AND show to the market of other company's wanting that service that they are inclined to project the upside case.

You really have to sit down by yourself and do the valuation work, consult your own research with inputs such as incidence rates, or contact people in the field to see what they think drug pricing will be, or specialists thoughts on overall market penetration etc etc

Which is what institutional holders like Tattarang would do, in order to try to remove the above bias, but even then, their is still residual human bias of wanting to find a profitable company to invest in which will sway your own research and inputs to some degree. Hope that helps.