RE:RE:RE:RE:RE:RE:RE:RE:Pfizer response to questions on M&A -> add value to companyA hedge fund is considered a "subscriber" so I think that your understanding of a subscriber may be too narrow. And while it relies on the company reports, its algorythms are set by fallible humans which are strongly influenced by the "golden rule" - namely those with the gold "rules" in how they want something to appear or not.
There is nothing impartial in their "analysis" and reporting.