Lucid Capital Markets
Lucid Capital Markets is a New York-based broker-dealer and investment bank that also does business as Americas Executions (AmerX), a New York Stock Exchange floor broker. Its equity research, launched in 2024, focuses on small- and mid-cap healthcare, financial services and digital-infrastructure companies.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 112M
- Actions
- 112M
- Ratings / Price targets
- 1 / 0
- Upgrades / Downgrades
- 1 / 0
- Buy-rated
- 100%of 1 rated
- On record
- Jul 2025 – Mar 2026
Overview
Lucid focuses on small- and mid-cap companies. Its coverage spans biotechnology, inflammation and immunology, medical technology, equity REITs, business development companies, AI and high-performance computing infrastructure, crypto companies, and other small-cap growth stocks. Each research group is staffed by senior sector specialists. About 80% of rated stocks had a Buy rating as of January 2026.
The firm was formed in New York in June 2015 as Americas Executions, an NYSE floor broker, and later took the legal name Lucid Capital Markets, LLC while continuing to do business as AmerX; it is wholly owned by GI4 Holdings, LLC. In March 2024 David Rosenberg, previously co-president and chief executive of Ladenburg Thalmann & Co., joined as co-founder and co-CEO of a new investment banking business, which established REIT, specialty-finance and healthcare research groups that summer.
Milestones
- 2015
Formed in New York as NYSE floor broker Americas Executions
- 2024
David Rosenberg joins to launch investment banking business
Establishes REIT, specialty finance and healthcare equity research groups
- 2026
Adds medical technology and digital infrastructure research
Firm facts
- Legal name
- Lucid Capital Markets, LLC
- Type
- Boutique
- Founded
- 2015
- Headquarters
- New York, United States
- Parent
- GI4 Holdings, LLC
- Co-Founder and Co-Chief Executive Officer
- David Rosenberg
- Rating scale
- BuyNeutralSell12 months
- Also filed as
- LUCID CAPITAL MARKETS
- Website
- lucidcapitalmarkets.com
Research philosophy
We concentrate on industries where we possess a unique analytical advantage, leveraging specialized expertise to uncover hidden value.
Lucid says it highlights small- and mid-cap companies that larger Wall Street firms often overlook. As of 2026, its small-cap growth team evaluates opportunities over two to three years, looking for strong growth, room for further expansion, durable competitive advantages, attractive gross margins or unit economics, businesses whose potential is not fully recognized, and management teams capable of supporting the next stage of growth.
Rating methodology
Ratings are Buy, Neutral or Sell based on expected risk-adjusted total return over 12 months.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 aTyr Pharma, Inc.ATYR | Neutral | — |
 BioXcel Therapeutics, Inc.BTAI | Buy | — |
 INmune Bio, Inc.INMB | Buy | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Mar 11 | INmune Bio, Inc.INMB | Upgrade | Neutral →Buy |
| Sep 15, 2025 | aTyr Pharma, Inc.ATYR | Downgrade | Buy →Neutral |
| Jul 15, 2025 | BioXcel Therapeutics, Inc.BTAI | Reiterate | Buy |