EQUITY RESEARCH

Transforming Data into Strategic Equity Insights

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OVERVIEW

Comprehensive Equity Research Expertise

Lucid’s equity research team delivers in-depth and collaborative analyses that transform complex market data into actionable insights. We concentrate on industries where we possess a unique analytical advantage, leveraging specialized expertise to uncover hidden value. By highlighting small and mid-cap companies often overlooked by larger Wall Street firms, we provide unique perspectives on underrepresented segments of the market

Healthcare

Our healthcare equity research provides a deep dive into the latest developments and market dynamics within the healthcare sector. We focus on emerging trends and industry shifts, delivering targeted insights that inform strategic investment decisions and identify key opportunities in a rapidly evolving field.

Senior Research Team

Christopher Liu, PharmD
Specialty: Oncology

  • Christopher recently joined Lucid as a Managing Director on the healthcare equity research team and brings over seven years of equity research experience with a specialization in oncology. Most recently, Christopher was a Director at Leerink Partners covering the oncology space. Prior to Leerink, Christopher was part of the biotechnology equity research teams at Canaccord Genuity and Oppenheimer. Christopher received his Doctor of Pharmacy from Rutgers University's Ernest Mario School of Pharmacy.

Dev Prasad, Ph.D.
Specialty: Inflammation and Immunology

  • Dev recently joined Lucid as a Senior Vice President and brings ~four years of experience in equity research to Lucid specializing in inflammation and immunology. Prior to joining Lucid, Dev was a member of the equity research teams at Jefferies and JMP Securities. Before his transition into equity research, Dev worked on the product development teams at Fresenius, Sagent Pharmaceuticals and Cubist Pharma. He holds a Ph.D. and a Master of Science in Pharmaceutics and Drug Delivery from the Massachusetts College of Pharmacy and Health Sciences, along with an MBA from Northwestern University's Kellogg School of Management.

Elemer Piros, Ph.D.
Specialty: Biotechnology

  • Elemer Piros, Ph.D., has over 25 years of experience in biotechnology research. Prior to Lucid Capital Markets he served as Managing Director, Senior Biotechnology Analyst at Rodman & Renshaw and ROTH Capital Partners. Prior to his tenure at ROTH, Dr. Piros served as Managing Director and Senior Biotechnology Analyst at Cantor Fitzgerald, Burrill & Company and Rodman & Renshaw. Dr. Piros was ranked as #1 Biotechnology analyst by the Wall Street Journal in 2007 and by the Financial Times in 2010, both based on stock portfolio performance. Dr. Piros received his Ph.D. in Neuroscience from University of California, Los Angeles.

Financial Services

Our financial services equity research examines the intricacies of financial markets and regulatory environments. We provide expert analysis and insights that reveal both opportunities and risks, helping clients navigate the complexities of the financial sector with confidence

Senior Research Team

Craig Kucera
Specialty:
Real Estate Investment Trusts (REITs)

  • Craig serves as Managing Director at Lucid Capital Markets in the equity research department focusing on equity REITs. Mr. Kucera has focused on the real estate sector for more than 25 years. Prior to joining Lucid, Mr. Kucera was a Managing Director at B. Riley Securities in the equity research department covering equity REITs. Prior to B. Riley, Mr. Kucera was a Managing Director at Wunderlich Sercurities in the equity research department. Mr. Kucera received his bachelor's degree from Bradley University and holds an MBA from the University of Iowa

Erik Zwick
Specialty:
Business Development Corporations (BDCs)

  • Erik serves as Managing Director at Lucid Capital Markets in the equity research department focusing on specialty finance. Mr. Zwick has focused on the real estate sector for more than 20 years. Prior to joining Lucid, Mr. Zwick was a Managing Director at Hovde Group covering BDCs and community banks. Prior to Hovde, he was a Director of Equity Research at Boenning & Scattergood. Erik received a bachelors degree in Economics from Bates College and holds the Chartered Financial Analyst designation.

Ethan Kaye
Specialty:
Business Development Corporations (BDCs)

  • Ethan joined Lucid in 2025 as a Vice President of the specialty finance equity research team, covering business development companies (BDCs). Prior to Lucid, Ethan worked as an equity research analyst at Bloomberg where he built out the firm's BDC equity coverage. Ethan has 10+ years of financial industry experience and holds the Chartered Financial Analyst designation. He earned his bachelor’s degree in economics from Franklin and Marshall college.

AI/HPC & Crypto

Our Artificial Intelligence (AI), High-performance computing (HPC), and Blockchain & Cryptocurrency (Crypto) provides a wholistic view and understanding of the two technology/market themes and the disruptive impact they could have in financial markets, digital infrastructure, and datacenter/power sectors. The team provides insight and analysis into companies exposed to these trends and seeks to conduct fundamental analysis into companies/industries that stand to benefit from outsized demand and supply constraints, regulatory clarity, and corporate and institutional adoption & investments. Areas of focus include bitcoin miners pivoting to AI/HPC datacenters given their significant power portfolios, AI Neocloud industry providing AI/HPC application specific compute and software solutions at scale, blockchain infrastructure/software providers leveraging existing public blockchains like Bitcoin, Ethereum, and Solana, and early adopters of crypto assets, stablecoins, and blockchain financial services such as custody, treasuries, lending, exchanges, and banking.

Senior Research Analyst

Joe Flynn
Specialty: AI/HPC, Crypto

  • Joe recently joined Lucid as Managing Director of Equity Research leading coverage of AI/HPC, Blockchain, and Cryptocurrency sectors and brings over five years of equity research experience. Most recently, Joe was a Senior Research Analyst at Compass Point Research Trading covering AI/HPC and Blockchain/Crypto Infrastructure, most notably leading research efforts for BTC Mining companies transitioning to AI/HPC datacenters. Prior to joining Compass Point, Joe was a research associate with Craig-Hallum covering semiconductors and hardware technologies where he gained experience covering NVDA, ASICs, Optical communications, and other datacenter hardware suppliers. Joe graduated from Marquette University where he majored in Finance and was a member of the Applied Investment Management (AIM) program in 2018.

Special Situations/
Growth Economy

Historic changes in the economy and markets are creating a once-in-a-generation opportunity to invest in high-quality small-cap growth stocks, and we are focused on well-researched, high-octane small-cap stocks with the potential to appreciate substantially in the next 2-3 years. Specifically, we are looking for companies with (1) strong growth and significant white space ahead; (2) deep competitive moats; (3) high-quality gross margins or unit economics; (4) under-appreciated businesses; and (5) management teams that can take their businesses to the next level.

Senior Research Analyst

Alex Fuhrman
Managing Director, Equity Research

  • Alex Fuhrman joined Lucid in 2025 as a Managing Director covering small-cap growth companies. Fuhrman brings 17 years of experience covering emerging growth equities to Lucid, including more than 11 years at Craig-Hallum, where he was responsible for a wide range of consumer sectors including retail, lodging, food, wellness, and consumer electronics, as well as consumer-focused companies in the healthcare, technology, and media industries. Alex started his career covering specialty retailers and department stores at Raymond James and Piper Jaffray after earning his BS in Economics and an MBA in Finance from Tulane University in New Orleans. Fuhrman is a CFA Charterholder who has frequently appeared on networks such as CNBC and Bloomberg and is often quoted in publications including the Wall Street Journal, Barron’s, and the New York Times.