Ebb & Flow

The new rules separating investment banking and sellside analysis don't seem to have affected research coverage. Analysts at the banks that took the recent class of biotech IPOs public have not only delivered on coverage, they're also largely bullish.

All but two syndicate banks - Citigroup with CancerVax (CNVX) and Thomas Weisel with Acusphere (ACUS) - have picked up coverage of their recent IPO clients. Of the 23 ratings, 11 are "strong buy," 10 are "buy" and 2 are "hold" (see "Research Delivered"). ...