A commitment to fundamental research forms the foundation of JMP Securities.
Today, the firm’s equity research department covers approximately 400 publicly traded companies, including many small- and mid-cap businesses that present winning opportunities for institutional investors. Our research analysts seek to anticipate secular and cyclical changes in markets and industries and to produce informed, differentiated investment recommendations for our institutional brokerage clients.
We focus our research efforts on four high-growth industries within the U.S. economy—technology, healthcare, financial services and real estate. For a complete list of companies under research coverage by JMP Securities, please click here.
Tom Wright is a Managing Director and is JMP Securities’ Director of Equities. In addition, he is a member of the executive committee of JMP Group.
Before joining JMP, Tom served as global head of trading at Sanford C. Bernstein & Co. for eight years. During the ten prior years, he held a variety of leadership positions at Merrill Lynch & Co., most recently as head of European equity trading and salestrading and previously as head of U.S. equity trading and salestrading. Tom was also a vice president and Nasdaq salestrader at Goldman Sachs & Co. for eight years. He began his career at Merrill Lynch & Co. on the Nasdaq desk in 1983.
Tom received an MBA from New York University Stern School of Business and a BS in economics and finance from Boston College.
Jeff Spurr is a Managing Director and is JMP Securities’ Director of Research.
Jeff previously served as JMP’s Director of Product Management, focused on the optimization of the firm’s equity research product, from 2007 through 2011 and as Director of Institutional Sales from 2005 through 2009. Prior to joining JMP, Jeff was in institutional equity sales at Morgan Stanley with coverage of major west coast accounts and was a Managing Director in institutional sales at NationsBanc Montgomery Securities. Beforehand, he was a portfolio manager at Reindeer Capital, L.P. and the general partner of The Steelhead Fund, L.P. Jeff’s earlier investment and financial advisory experience includes roles in the real estate investment banking group of Coldwell Banker Commercial, the acquisition and development arm of American Continental Properties, the mergers and acquisitions department of E.F. Hutton and the corporate sale/leaseback division of Integrated Resources.
Jeff holds an MBA from the Amos Tuck School of Business Administration at Dartmouth College and a BA from the University of Vermont.
Director of Specialty Finance Research
Steve DeLaney is a Managing Director and senior research analyst following residential and commercial mortgage finance. Additionally, Steve serves as Director of Specialty Finance Research, broadly overseeing the firm’s coverage of non-bank commercial and consumer lenders.
Prior to joining JMP, Steve served as Director of Research at Flagstone Securities. Beforehand, he was a Senior Vice President and research analyst at Ryan Beck & Co., covering banks, thrifts and other mortgage finance companies. He previously spent nearly a decade at BB&T Capital Markets and its parent company, Scott & Stringfellow, serving both as Chief Financial Officer and Director of Capital Markets of Scott & Stringfellow and later as President and CEO of BB&T Capital Markets. Steve began his career with Investors Financial Corporation, a diversified thrift holding company, where he served as President, Chief Financial Officer and Chief Administrative Officer during his 15-year tenure.
Over the years, Steve has won recognition in several categories in the annual StarMine Analyst Awards from Refinitiv and its predecessors, previously ranking first in earnings estimation and fourth in stock picking among all equity analysts nationally. In 2019, Steve ranked first among earnings estimators and second among stock pickers in the Mortgage Real Estate Investment Trusts category.
Steve holds an MBA from the University of Richmond and a BA from the University of Virginia.
Director of Technology Research
Pat Walravens is a Managing Director and senior research analyst covering software. As Director of Technology Research, Pat helps oversee JMP’s equity research effort in the software, Internet and digital media, semiconductor and communications equipment sectors.
Pat has followed the software industry as an equity analyst for nearly 20 years and during that time has been involved with the initial public offerings of more than 30 software companies, including many leading SaaS names. Prior to joining JMP, Pat served as a Vice President and senior research analyst at Lehman Brothers. Earlier in his career, Pat practiced law at Cooley LLP, where he represented technology companies and venture capital firms.
Pat won recognition in the 2017 Thomson Reuters Analyst Awards, formerly known as the StarMine Awards, ranking second in stock picking in the Internet Software & Services category.
Pat holds an MBA from the Anderson School of Management at UCLA and a JD from the UCLA School of Law, where he was awarded the Order of the Coif. Pat holds a BA in economics from Stanford University, where he served as an undergraduate teaching assistant in the computer science department. He is an active member of The State Bar of California.
Liisa Bayko is a Managing Director and senior research analyst covering the biotechnology industry.
Prior to joining JMP, Liisa was a Director and senior biotechnology analyst at Next Generation Equity Research. She previously served as an equity research associate at Prudential Equity Group and worked as a research analyst at Baker Brothers Investments, a biotechnology-focused asset management firm. She began her career at Pharmacia Corporation as a senior analyst in the strategy development group.
In the annual “Best on the Street” analyst survey conducted by The Wall Street Journal, Liisa has previously ranked first among all stock pickers in the Pharmaceuticals category and second in the Biotechnology category.
Liisa holds an MBA from the Kellogg School of Management at Northwestern University, an MS in medical biophysics from the University of Toronto and a BS with honors from Queen’s University in Kingston, Canada.
Reni Benjamin, PhD
Ren Benjamin is a Managing Director and senior research analyst covering the biotechnology industry.
Prior to joining JMP Securities, Ren was a managing director and senior research analyst at Raymond James. He was previously a managing director at H.C. Wainwright & Co. and Rodman & Renshaw, after starting his career in biotechnology research at Needham & Company.
Ren holds a PhD in biochemistry and molecular genetics from the University of Alabama at Birmingham and a BS in biology from Allegheny College. He is a past member of the UAB School of Health Professions Dean’s Advisory Board and currently serves on the advisory board of Phacilitate Cell & Gene Therapy.
Jason Butler, PhD
Jason Butler is a Managing Director and senior research analyst covering the biotechnology industry.
Prior to joining JMP, Jason served as a senior associate equity analyst at Rodman & Renshaw covering biotechnology companies focused on therapies for metabolic and infectious diseases.
Jason holds a PhD in neuroscience and a Bachelor’s degree in biology from Imperial College London.
Matt Carletti is a Managing Director and senior research analyst covering property and casualty insurers and reinsurers.
Prior to joining JMP, Matt was a senior equity research analyst at Macquarie Capital (USA), where he followed the insurance and reinsurance sectors. He previously served in the equity research groups at Piper Jaffray and Fox-Pitt, Kelton.
Matt has previously ranked among the top three stock pickers in the insurance industry, according to the annual FT | StarMine survey of analyst performance.
Matt holds a BS from the University of Virginia’s McIntire School of Commerce.
Trevor Cranston, CFA
Trevor Cranston is a Director and senior research analyst covering the mortgage finance industry, including mortgage REITs.
Prior to joining JMP, Trevor worked as an equity research associate at Flagstone Securities covering residential mortgage lenders, mortgage REITs and specialty finance companies.
Trevor won recognition in the 2017 Thomson Reuters Analyst Awards, formerly known as the StarMine Awards, ranking second in earnings estimation and third in stock picking in the Mortgage Real Estate Investment Trusts category. In 2015, Trevor ranked third in earnings estimation in the Real Estate Investment Trusts category. He was previously part of the equity research team that was recognized in several categories by StarMine, ranking first in earnings estimation and fourth in stock picking among all U.S. equity analysts as well as ranking first among earnings estimators and third among stock pickers in the Real Estate Investment Trusts category.
Trevor holds a BA in economics with honors from the University of Saskatchewan and is a chartered financial analyst.
Don Ellis is a Managing Director and senior research analyst covering biopharmaceuticals.
Prior to joining JMP, Don was a Managing Director and equity research analyst at Avondale Partners. Previously, he founded and ran a capital markets consulting firm, after spending 15 years in senior research positions at boutique investment banks Thomas Weisel Partners, Robertson Stephens & Co. and Montgomery Securities. Earlier in his career, Don spent 11 years in clinical practice at Kaiser Permanente and the VA Medical Center managing drug therapies and developing novel treatment protocols.
Don holds an MBA from the University of San Diego and a doctorate degree in pharmacy from the University of Southern California.
Real Estate Investment Trusts
Mitch Germain is a Managing Director and senior research analyst covering real estate investment trusts, or REITs.
Prior to joining JMP, Mitch had been a senior equity analyst at Banc of America Securities since 2007. Mitch previously worked in equity research at RBC Capital Markets and UBS Securities. Before starting his career in the investment banking industry, Mitch was a management consultant with Parson Consulting and SunDance Advisors.
Mitch won recognition in the 2015 Thomson Reuters StarMine Analyst Awards, ranking first among U.S. stock pickers in the Real Estate Management & Development category.
Mitch holds a BS from Boston University and is a certified public accountant.
Residential REITs and Residential Real Estate Services
Aaron Hecht is a Director and senior research analyst covering residential REITs and the residential real estate services industry.
Aaron joined JMP in 2009 and has been instrumental in building out the firm’s healthcare real estate and homebuilding equity research franchises. Prior to joining JMP, he began his career at a private real estate fund within RS Investments that focused on the entitlement and development of master-planned communities.
Aaron holds a BS in economics from the University of Southern California.
Internet and Digital Media
Ron Josey is a Managing Director and senior research analyst covering the Internet industry.
Prior to joining JMP, Ron served as a senior research analyst at ThinkEquity LLC, where he focused on Internet subsectors such as e-commerce, online advertising, mobile Internet, online video and online travel. He was previously a vice president in equity research at Barclays Capital and its predecessor, Lehman Brothers, with coverage of small- and mid-cap Internet stocks. Ron also worked as a business development and marketing manager at AOL, concentrating on product strategy and development. He began his career as a consultant in the communications and high technology market unit at Accenture.
Ron holds an MBA from The Robert H. Smith School of Business at University of Maryland and a BS from Villanova University.
Peter Martin, CFA
Housing and Healthcare Services & Facilities
Peter Martin is a Managing Director and senior research analyst covering the housing and homebuilding industry as well as healthcare real estate, including healthcare services and facilities companies and healthcare REITs.
Prior to joining JMP, Peter was a portfolio manager at hedge fund Matthes Capital, where he focused on sectors including real estate, healthcare services, medical devices and business services, among others. Beforehand, Peter was a portfolio manager for three years at Presidio Management. From 1997 through mid-2003, he was a Managing Director and senior research analyst at Jefferies & Co., where he followed the assisted living industry and established the firm’s coverage of the knowledge services industry in 1999. Peter previously worked as a research associate at Montgomery Securities, covering companies in the real estate, business services and consumer industries. He began his finance career at Franklin Templeton as a securities analyst.
Peter holds an MBA from the University of San Francisco and a BA from the University of California, Santa Barbara. He is a chartered financial analyst.
Industrial & Energy Technology
Joe Osha is a Managing Director and senior research analyst covering industrial and energy technology.
Prior to joining JMP, Joe served as Chief Financial Officer at two alternative energy start-ups, Greenfire Energy and Gravity Renewables. Joe previously spent 18 years at Bank of America Merrill Lynch, where he was a senior semiconductor analyst for a decade, winning recognition in rankings produced by Institutional Investor, The Wall Street Journal and Bloomberg. More recently, he served as the firm’s Deputy Head of Americas Equity Research, Head of Alternative Energy Research and Head of Asia ex-Japan Equity Research. Joe started at Bank of America Merrill Lynch as a senior electronics analyst based in Tokyo after beginning his equity research career as an analyst at Baring Securities Japan.
In 2019, Joe ranked first among all stock pickers in the Electrical Equipment category according to the StarMine Analyst Awards from Refinitiv.
Joe holds an MBA and an MA in East Asian Studies from the University of Michigan and a BS from the University of Richmond.
Investment Banks & Brokers and Alternative Asset Managers
Devin Ryan is a Managing Director and senior research analyst covering the capital markets industry, with a particular focus on the investment banking and brokerage sector and alternative asset managers.
Devin previously spent more than eight years in equity research at Sandler O’Neill & Partners, concluding his tenure there as a managing director and senior analyst while covering a range of companies in the capital markets industry with business lines spanning investment banking and securities trading, asset and wealth management, and retail and commercial banking. During his time at Sandler O’Neill, Devin was a three-time winner of the top spot in his sector in an annual ranking of all U.S. equity research analysts conducted by StarMine and published in The Financial Times. He began his Wall Street career in the institutional investor group at Citigroup Smith Barney.
Devin holds a BBA in management information systems from University of Notre Dame.
Consumer Finance and Financial Processing & Outsourcing
David Scharf is a Managing Director and senior research analyst covering the consumer finance industry as well as financial processing and outsourcing.
Prior to joining JMP, David was a Managing Director and equity research analyst at Banc of America Securities and its predecessor, Montgomery Securities, covering business and computer services from 1996 to 2000. From 1989 to 1996, David worked in the investment banking division of Smith Barney, first as a member of the financial restructuring group and later in the firm’s emerging growth practice in San Francisco. David previously worked for two years at Andersen Consulting, now Accenture, assisting clients with MIS systems design and integration projects in the banking and healthcare industries.
David has previously been ranked first among all stock pickers in the Diversified Financial Services sector in the annual FT | StarMine analyst poll. In the annual “Best on the Street” analyst survey conducted by The Wall Street Journal, he has ranked among the top stock pickers in the Business & Industrial Services category.
David holds an MBA from Harvard Business School and a BA in economics from Cornell University.
Cybersecurity and IT Infrastructure
Erik Suppiger is a Managing Director and senior research analyst covering cybersecurity and IT infrastructure.
Prior to joining JMP, Erik was a managing director and senior analyst at Signal Hill Capital covering Internet infrastructure technology and services. He was previously a managing director and senior analyst at Pacific Growth Equities and a senior analyst at J.P. Morgan and its predecessor, Hambrecht & Quist, following the networking and security sectors. Early in his career, Erik focused on the communications sector as a member of the Deutsche Bank DMG Technology Group.
In 2018, Erik ranked second among all stock pickers in the Communications Equipment category in the Thomson Reuters Analyst Awards, formerly the StarMine Analyst Awards. Erik has previously been ranked by StarMine as the top stock picker in both the Communications Equipment category and the Internet Software & Services category and among the top stock pickers in the Software category. In prior years, Erik placed first in the Telecommunications Equipment category and second in the Internet & Computer Services category in the annual “Best on the Street” analyst survey conducted by The Wall Street Journal.
Erik holds a B.S. in business administration from the Boston University School of Management.
Medical Devices & Supplies
David Turkaly is a Managing Director and senior research analyst focused on the medical devices industry.
Prior to joining JMP, David served as a senior research analyst at Susquehanna International Group, where he covered medical devices for six years. He was previously a Managing Director and senior analyst covering the medical devices industry at WR Hambrecht + Co. and a Director and senior analyst primarily following the neurological and orthopedic markets at CIBC World Markets Corp. Earlier in his career, David worked in healthcare equity research at ING Barings and in healthcare investment banking at Smith Barney.
David holds an MBA from Columbia Business School and a BS in accounting from University of Richmond.
Commercial & Specialty Finance
Chris York is a Managing Director and senior research analyst covering the commercial and specialty finance industries, including business development companies, or BDCs.
Prior to joining JMP, Chris was an equity research analyst at ROTH Capital Partners, where he helped re-establish the company’s financial services group, initiating coverage of companies in the specialty finance and mortgage finance industries. He previously served as an equity research associate at William Blair & Company, following commercial banks, specialty finance companies and electronic payment processors. To begin his career, Chris was an origination associate in the real estate capital markets group at Bank of America, after training as a credit analyst at LaSalle Bank.
In both 2017 and 2015, Chris won recognition in the Thomson Reuters Analyst Awards, formerly known as the StarMine Awards, ranking third in earnings estimation in the Capital Markets category.
Chris holds a BBA in finance and investment banking from the University of Wisconsin–Madison.
Mikhail Goberman is a Vice President and research analyst covering the mortgage finance sector, specializing in residential mortgage REITs.
Prior to joining JMP Securities, Mikhail worked as an equity research analyst at Portales Partners with a focus on small- and mid-cap regional banks. He previously held positions at Morgan Stanley and Legg Mason Capital Management.
Mikhail holds an MBA from Loyola University Maryland and a BA from Columbia University.