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Wouldn't the insider tips be illegal insider trading?

IANAL, but I don't think it would in this case. Insider trading generally applies to using private information held by the company. But in this case what you're looking for is information from the CRO or FDA.

A scheme similar to this is why I was reading medical and science journals in the late 90s for background knowledge, then scouring the pink sheets for applicable companies.

In the end, the hits I had were more or less luck, though. And on microscopic levels of investment, so I didn't get rich.

That sounds like the beginning of typical amateur trader career that ends up with 90+% probability in losing all invested money.

Is this... legit? or was it ever?

Wow, I had no idea Mathew Martoma frequented HN.

Tell me more.