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Management Team

Jeffrey J. Kraws

Co-Founder and Chief Executive Officer

Jeffrey KrawsWell known and respected on Wall Street, Mr. Kraws has received some of the most prestigious awards in the industry, including being consistently ranked among the Top Ten Analysts for pharmaceutical stock performance in the world for almost two decades as well as ranked as the Number One Stock Picker in the world for pharmaceuticals by Starmine and for estimates by Zacks. Additionally, Mr. Kraws has been 5-Star-ranked for top biotechnology stock performance by Starmine.

Prior to founding Crystal Research Associates, Mr. Kraws served as co-president of The Investor Relations Group (IRG); managing director of healthcare research for Ryan Beck & Co.; and director of research/senior pharmaceutical analyst and managing director at Gruntal & Co., LLC (prior to its merger with Ryan Beck & Company). Mr. Kraws has also served as managing director of the healthcare research group and senior pharmaceutical analyst at First Union Securities (formerly EVEREN Securities); as senior U.S. pharmaceutical analyst for the Swedish-Swiss conglomerate Asea Brown Boveri; and as managing director and president of the brokerage/investment banking operation of ABB Aros Securities, Inc. He has been senior pharmaceutical analyst at Nationsbanc Montgomery Securities, BT Alex Brown & Sons, and Buckingham Research. Mr. Kraws has also served as head of competitive analysis within the treasury group at Bristol-Myers Squibb Company, a position which has given him a unique perspective on the inner workings of major healthcare companies.

In addition to serving as CEO of Crystal Research Associates, Mr. Kraws is currently chairman of Synthetic Biologics Inc., a NYSE-listed biotechnology company, and a partner and co-founder of TopHat Capital, LLC. Through his years of experience, Mr. Kraws has cultivated a wealth of industry knowledge and a level of credible, insightful equity analysis that few share. As a result, he has provided guest commentary for many network news programs, including Bloomberg, FOX Business, and CNBC, among others, and has become a valuable resource for financial journalists from the New York Times, Forbes, Bloomberg, CBS MarketWatch, and MedAdNews, among other publications. 

Mr. Kraws holds an MBA from Cornell University and a B.S. from State University of New York-Buffalo. 


Karen B. Goldfarb

Co-Founder and Chief Operating Officer

KAREN PICMs. Goldfarb brings over two decades of Wall Street experience and a formidable background in the research industry. Throughout her tenure at Crystal Research Associates, she has spearheaded coverage for hundreds of corporations across an array of industries, increasing the visibility of innovative and growing private and public companies that represent extraordinary investment opportunities.

Ms. Goldfarb has previously served as associate director of competitive analysis for IRG, and as vice president within the healthcare research group at Gruntal & Co., LLC (prior to its merger with Ryan Beck & Company), where she covered large-capitalization pharmaceutical, specialty pharmaceutical, generic, drug delivery, biopharmaceutical, and medical technology companies. Prior to joining Gruntal, Ms. Goldfarb served as pharmaceutical associate at First Union Securities (formerly EVEREN Securities), and as a researcher for Merrill Lynch in New York City, specializing in the paper and forest products sector. 

Ms. Goldfarb holds a B.A. degree in Economics from Rutgers University, New Brunswick, NJ.