Only if the analyst knows or should know that the employee is getting a "personal benefit" for sharing this information, or the analyst learns it in a context where they have a duty to keep it confidential. Handing an employee a sack of cash to tell you confidential information you then trade on? Illegal. Overhearing confidential information on the train and trading on that? Totally fine. Trading on confidential information from your brother-in-law? Illegal (family members are assumed to automatically meet the personal benefit test). Something you heard in a therapy session? Illegal (there's a duty of confidentiality).

Something your casual acquaintance tells you, with no close relationship and no obvious quid pro pro? That one's been litigated back and forth in recent years, with different cases coming out both ways (to the point that Matt Levine has a running joke about the sacred duty of golf-buddy confidentiality). You'd probably have to roll the dice in court.