Ethical Decision-Making in Investment Analysis

Alex is a portfolio manager for an investment firm and is conducting an analysis of a potential investment in a biotech company that is on the verge of releasing a breakthrough drug. During his analysis, Alex learns from a non-public source that the FDA may delay the approval of the drug due to unforeseen safety concerns, which could significantly impact the company's stock price.

Feeling pressured by his management to make a decision quickly, Alex considers whether to act on this non-public information in his investment recommendation.

What should Alex do to adhere to ethical standards in investment analysis?