We investigate whether analysts’ industrial expertise influences their ability to incorporate non-financial information on the product pipeline (i.e., clinical trial disclosures by pharmaceutical firms) into target prices. We find that analysts with a scientific education produce more accurate target prices for biotechs only, for which there is a greater asymmetry of information. Moreover,the disclosure of clinical trials reduces the accuracy gap between analysts with low and high expertise (i.e., analysts with a scientific education) covering biotechs. Finally, scientific education is more important for analysts with a short job tenure that cover biotechs. Overall, we show that clinical trial disclosures contribute positively to target price accuracy, especially for less experienced analysts who have less industrial expertise and cover firms with a high asymmetry of information.