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.
Chief Operating Officer, JMP Securities Tom Wright is Chief Operating Officer of JMP Securities and serves as the firm’s 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.
Director of Research 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. Jason Butler is a Managing Director and equity research analyst focusing on the biotechnology industry. Additionally, Jason serves as Director of Healthcare Research, overseeing JMP’s research coverage of the broader life sciences industry. Jason has followed the biotechnology sector as an equity analyst for nearly 15 years. Prior to joining JMP Securities, he 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. Steve DeLaney is a Managing Director and equity 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 Securities, 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. Pat Walravens is a Managing Director and equity research analyst covering software. As Director of Technology Research, Pat helps oversee JMP Securities’ coverage of 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 Securities, 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. Ren Benjamin is a Managing Director and equity research analyst covering the biotechnology industry. Prior to joining JMP Securities, Ren was a Managing Director and 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. Andrew Boone is a Director and equity research analyst covering the Internet sector. Prior to joining JMP Securities, Andrew worked as an equity analyst at Quantum Capital Management with a focus on small- and mid-cap technology companies. He previously held positions at Grant Thornton and Mosaic Financial Partners. Andrew holds an MBA from The University of Texas at Austin and a BA from The University of Southern California. Roy Buchanan is a Vice President and equity research analyst covering the biotechnology industry. Prior to rejoining JMP Securities, Roy served as a Vice President and senior analyst at Janney Montgomery Scott and as a research associate at Piper Jaffray. He began his equity research career following the biotechnology sector at JMP Securities. Roy holds a PhD in biology from Columbia University and a BS in chemical engineering from the Colorado School of Mines. Matt Carletti is a Managing Director and equity research analyst covering property and casualty insurers and reinsurers. Prior to joining JMP Securities, Matt was a senior 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 is a Director and equity research analyst covering the mortgage finance industry, including mortgage REITs. Prior to joining JMP Securities, 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. Mikhail Goberman is a Vice President and equity research analyst covering the mortgage finance sector, specializing in residential mortgage REITs. Prior to joining JMP Securities, Mikhail worked as a 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. Joe Goodwin is a Vice President and equity research analyst covering the software sector. Prior to joining JMP Securities, Joe worked in the software industry in a go-to-market capacity. Joe holds an undergraduate degree from the University of Nevada, Reno. Aaron Hecht is a Managing Director and equity research analyst covering housing and land development, REITs, and residential services and technology. Since joining JMP Securities in 2009 with a concentration on homebuilding and healthcare real estate, Aaron has been instrumental in building out the firm’s broader real estate research effort. Prior to joining JMP Securities, he worked 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. Ron Josey is a Managing Director and equity research analyst covering the Internet industry. Prior to joining JMP Securities, 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 an equity research analyst 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. Joe Osha is a Managing Director and equity research analyst covering energy technology and services as well as industrial technology. Prior to joining JMP Securities, 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.
Equity Research Analyst & Head of Business Development Devin Ryan is a Managing Director and equity research analyst covering investment banks, brokers, and asset managers, including the intersection of traditional finance and technological innovation. Additionally, Devin serves as Head of Business Development for JMP Securities, leveraging his industry expertise and longstanding relationships within the capital markets and financial technology sectors to help chart the future of the firm. Prior to joining JMP Securities in 2013, Devin 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. David Scharf is a Managing Director and equity research analyst covering the consumer finance and financial technology industries. Prior to joining JMP Securities, David was a Managing Director and 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. Erik Suppiger is a Managing Director and equity research analyst covering cybersecurity and IT infrastructure. Prior to joining JMP Securities, Erik was a Managing Director and research analyst at Signal Hill Capital, covering Internet infrastructure technology and services. He was previously a Managing Director and research 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. David Turkaly is a Managing Director and equity research analyst focused on the medical devices industry. Prior to joining JMP Securities, 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. Jonathan Wolleben is a Vice President and equity research analyst covering the biotechnology and biopharmaceutical industries. Prior to joining JMP Securities, Jonathan concentrated on the biopharmaceutical industry as an analyst and writer at BioCentury Publications. Jonathan holds an MS in biotechnology management and a BS in biological sciences, both with honors, from Carnegie Mellon University, where he was a captain of the varsity basketball team. Chris York is a Managing Director and equity research analyst covering the commercial and specialty finance industries, including business development companies, or BDCs. Prior to joining JMP Securities, 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 a 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.
Thomas Wright
Director of Equities
twright@jmpsecurities.com
Jeffrey Spurr
jspurr@jmpsecurities.com
Devin Ryan
Investment Banks & Brokers and Alternative Asset Managers
