Natera (NTRA)


Market Price (9/17/2026): $366.59 | Market Cap: $52.5 BilSector: Health Care | Industry: Life Sciences Tools & Services

Natera (NTRA)


Market Price (9/17/2026): $366.59
Market Cap: $52.5 Bil
Sector: Health Care
Industry: Life Sciences Tools & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 38%

Low stock price volatility
Vol 12M is 48%

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, and Personalized Diagnostics.

Trading close to highs
Dist 52W High is -1.6%, Dist 3Y High is -1.6%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -290 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 217x

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 62%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.5%

Key risks
NTRA key risks include [1] its consistent history of substantial net losses and an uncertain path to profitability, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 38%
1 Low stock price volatility
Vol 12M is 48%
2 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, and Personalized Diagnostics.
3 Trading close to highs
Dist 52W High is -1.6%, Dist 3Y High is -1.6%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -290 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11%
5 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 217x
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%
7 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 62%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.5%
9 Key risks
NTRA key risks include [1] its consistent history of substantial net losses and an uncertain path to profitability, Show more.

NTRA in ETFs

Weight = NTRA's share of each fund

VTI0.06%
ITOT0.07%
IWB0.06%
VB0.45%
IBB3.3%
XOVR2.6%
XBI1.5%
IWP1.3%
+14 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/17/2026

Natera (NTRA) stock has gained about 65% since 5/31/2026 because of the following key factors:

1. Exceptional Fiscal Q2 2026 Financial Results and Increased Full-Year Guidance.

Natera reported robust financial performance for fiscal Q2 2026, which ended June 30, 2026, with total revenues reaching $752.8 million, representing a 37.7% increase year-over-year and surpassing analyst estimates of $661.24 million. The company also reported an earnings per share (EPS) of -$0.47, exceeding consensus estimates of -$0.49. Following this strong performance, management raised its 2026 annual revenue guidance by $100 million at the midpoint, revising the outlook to a range of $2.85 billion to $2.91 billion.

2. Accelerated Growth and Strong Clinical Validation in Oncology.

Natera experienced significant growth in its oncology segment, processing approximately 296,700 oncology tests in fiscal Q2 2026, a 57.2% increase compared to the prior year. This was further bolstered by 34,000 sequential growth in clinical molecular residual disease (MRD) oncology units over fiscal Q1 2026, marking the largest sequential increase to date. The company also presented 35 studies at the ASCO Annual Meeting (May 29–June 2, 2026), showcasing extensive clinical validation for its Signatera platform across various cancer types, demonstrating strong prognostic and predictive value. Key regulatory approvals for Signatera, such as for colorectal cancer in Japan, further expanded its market reach.

Show more
Updated on 9/17/2026

Natera (NTRA) stock has gained about 65% since 5/31/2026 because of the following key factors:

1. Exceptional Fiscal Q2 2026 Financial Results and Increased Full-Year Guidance.

Natera reported robust financial performance for fiscal Q2 2026, which ended June 30, 2026, with total revenues reaching $752.8 million, representing a 37.7% increase year-over-year and surpassing analyst estimates of $661.24 million. The company also reported an earnings per share (EPS) of -$0.47, exceeding consensus estimates of -$0.49. Following this strong performance, management raised its 2026 annual revenue guidance by $100 million at the midpoint, revising the outlook to a range of $2.85 billion to $2.91 billion.

2. Accelerated Growth and Strong Clinical Validation in Oncology.

Natera experienced significant growth in its oncology segment, processing approximately 296,700 oncology tests in fiscal Q2 2026, a 57.2% increase compared to the prior year. This was further bolstered by 34,000 sequential growth in clinical molecular residual disease (MRD) oncology units over fiscal Q1 2026, marking the largest sequential increase to date. The company also presented 35 studies at the ASCO Annual Meeting (May 29–June 2, 2026), showcasing extensive clinical validation for its Signatera platform across various cancer types, demonstrating strong prognostic and predictive value. Key regulatory approvals for Signatera, such as for colorectal cancer in Japan, further expanded its market reach.

3. Broadened Market Penetration and Favorable Analyst Sentiment.

Natera expanded its market penetration across other key diagnostic areas, including a major enhancement to its Panorama non-invasive prenatal testing (NIPT) and expanded Medicare coverage for its Prospera organ health test. This operational success was met with widespread positive sentiment from financial analysts, with multiple firms raising their price targets. For example, UBS Group lifted its target from $290.00 to $435.00 in September, and Rothschild Redburn initiated coverage with a "Buy" rating and a $385.00 price target. The consensus analyst rating for Natera remained "Strong Buy" or "Moderate Buy," with an average price target consistently above $330.00.

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Stock Movement Drivers

Fundamental Drivers

The 54.6% change in NTRA stock from 5/31/2026 to 9/16/2026 was primarily driven by a 44.6% change in the company's P/S Multiple.
(LTM values as of)53120269162026Change
Stock Price ($)223.37345.3454.6%
Change Contribution By: 
Total Revenues ($ Mil)2,5012,7078.2%
P/S Multiple12.618.344.6%
Shares Outstanding (Mil)142143-1.2%
Cumulative Contribution54.6%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/16/2026
ReturnCorrelation
NTRA54.6% 
Market (SPY)-0.3%25.3%
Sector (XLV)12.2%18.0%

Fundamental Drivers

The 66.0% change in NTRA stock from 2/28/2026 to 9/16/2026 was primarily driven by a 46.5% change in the company's P/S Multiple.
(LTM values as of)22820269162026Change
Stock Price ($)208.04345.3466.0%
Change Contribution By: 
Total Revenues ($ Mil)2,3062,70717.4%
P/S Multiple12.518.346.5%
Shares Outstanding (Mil)138143-3.4%
Cumulative Contribution66.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/16/2026
ReturnCorrelation
NTRA66.0% 
Market (SPY)10.2%32.0%
Sector (XLV)5.2%33.5%

Fundamental Drivers

The 105.3% change in NTRA stock from 8/31/2025 to 9/16/2026 was primarily driven by a 56.5% change in the company's P/S Multiple.
(LTM values as of)83120259162026Change
Stock Price ($)168.25345.34105.3%
Change Contribution By: 
Total Revenues ($ Mil)1,9642,70737.8%
P/S Multiple11.718.356.5%
Shares Outstanding (Mil)136143-4.8%
Cumulative Contribution105.3%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/16/2026
ReturnCorrelation
NTRA105.3% 
Market (SPY)17.9%33.0%
Sector (XLV)23.7%29.1%

Fundamental Drivers

The 488.0% change in NTRA stock from 8/31/2023 to 9/16/2026 was primarily driven by a 190.8% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120239162026Change
Stock Price ($)58.73345.34488.0%
Change Contribution By: 
Total Revenues ($ Mil)9312,707190.8%
P/S Multiple7.218.3154.9%
Shares Outstanding (Mil)114143-20.7%
Cumulative Contribution488.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/16/2026
ReturnCorrelation
NTRA488.0% 
Market (SPY)73.4%43.1%
Sector (XLV)31.9%31.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
NTRA Return-6%-57%56%153%45%53%252%
Peers Return24%-40%-3%-1%41%36%38%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
NTRA Win Rate67%33%58%75%58%67% 
Peers Win Rate63%32%42%50%52%64% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
NTRA Max Drawdown-32%-70%-40%-15%-25%-28% 
Peers Max Drawdown-29%-49%-38%-32%-36%-28% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: GH, ILMN, LH, DGX, MYGN. See NTRA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/17/2026 (YTD)

How Low Can It Go

EventNTRAS&P 500
2025 US Tariff Shock
  % Loss-23.4%-18.8%
  % Gain to Breakeven30.5%23.1%
  Time to Breakeven154 days79 days
2024 Yen Carry Trade Unwind
  % Loss-12.4%-7.8%
  % Gain to Breakeven14.1%8.5%
  Time to Breakeven10 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-20.3%-9.5%
  % Gain to Breakeven25.4%10.5%
  Time to Breakeven14 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-69.2%-24.5%
  % Gain to Breakeven224.7%32.4%
  Time to Breakeven666 days427 days
2020 COVID-19 Crash
  % Loss-53.5%-33.7%
  % Gain to Breakeven115.0%50.9%
  Time to Breakeven40 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-53.1%-19.2%
  % Gain to Breakeven113.1%23.8%
  Time to Breakeven149 days105 days

Compare to GH, ILMN, LH, DGX, MYGN

In The Past

Natera's stock fell -23.4% during the 2025 US Tariff Shock. Such a loss loss requires a 30.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventNTRAS&P 500
2025 US Tariff Shock
  % Loss-23.4%-18.8%
  % Gain to Breakeven30.5%23.1%
  Time to Breakeven154 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-20.3%-9.5%
  % Gain to Breakeven25.4%10.5%
  Time to Breakeven14 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-69.2%-24.5%
  % Gain to Breakeven224.7%32.4%
  Time to Breakeven666 days427 days
2020 COVID-19 Crash
  % Loss-53.5%-33.7%
  % Gain to Breakeven115.0%50.9%
  Time to Breakeven40 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-53.1%-19.2%
  % Gain to Breakeven113.1%23.8%
  Time to Breakeven149 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-28.0%-3.7%
  % Gain to Breakeven38.9%3.9%
  Time to Breakeven27 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-56.6%-12.2%
  % Gain to Breakeven130.4%13.9%
  Time to Breakeven865 days62 days
2014-2016 Oil Price Collapse
  % Loss-70.9%-6.8%
  % Gain to Breakeven244.0%7.3%
  Time to Breakeven889 days15 days

Compare to GH, ILMN, LH, DGX, MYGN

In The Past

Natera's stock fell -23.4% during the 2025 US Tariff Shock. Such a loss loss requires a 30.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Natera (NTRA)

Natera, Inc. (NTRA) is a diagnostics company that develops and commercializes advanced molecular testing services globally. The company specializes in genetic screening and monitoring, leveraging its proprietary technology to analyze DNA for a range of medical applications. Natera focuses on providing crucial diagnostic information across key areas including reproductive health, oncology, and organ transplant management, often through non-invasive methods.

A core segment of Natera's business is reproductive health, offering a suite of tests designed for various stages of family planning and pregnancy. This includes Panorama, a non-invasive prenatal test (NIPT) to screen for fetal chromosomal abnormalities; Vistara, for single-gene disorder screening; and Horizon, for carrier screening. Additionally, they provide Spectrum for genetic assessment during IVF cycles, Anora for miscarriage analysis, and non-invasive paternity testing. These services primarily serve expectant mothers, couples planning families, and fertility clinics.

Beyond reproductive health, Natera extends its offerings to oncology with Signatera, a circulating tumor DNA (ctDNA) technology used for personalized monitoring of cancer recurrence. The company also supports organ transplant patients with Prospera, a test designed to assess the risk of transplant rejection. Natera provides its cloud-based software, Constellation, to laboratory partners and distributes its products through a direct sales force and a global network of laboratory and distribution partners.

AI Analysis | Feedback

Here are 1-3 brief analogies for Natera (NTRA):

  • Like a specialized Quest Diagnostics, focusing on advanced genetic and molecular tests for conditions like prenatal disorders and cancer.
  • Think Guardant Health for genetic cancer monitoring, but also a leader in genetic tests for prenatal health and organ transplant management.

AI Analysis | Feedback

  • Panorama: A non-invasive prenatal test screening for fetal chromosomal abnormalities and twin zygosity.
  • Vistara: A single-gene mutation screening test to identify single-gene disorders.
  • Horizon carrier screening: A test to determine an individual's carrier status for various genetic diseases.
  • Spectrum: A test used during in vitro fertilization cycles to identify chromosomal anomalies or inherited genetic conditions.
  • Anora miscarriage test: A product analyzing fetal chromosomes to determine the cause of miscarriage.
  • Non-invasive paternity testing: A service to determine paternity during gestation using blood draws from the mother and alleged father.
  • Constellation: A cloud-based software product providing laboratory customers access to Natera's algorithms and bioinformatics for test validation and launch.
  • Signatera: A circulating tumor DNA technology used to screen for a generic set of mutations independent of an individual's tumor.
  • Prospera: A test used to assess organ transplant rejection.

AI Analysis | Feedback

Natera (NTRA) primarily sells its products and services to other companies, rather than directly to individuals. Its major customer categories and specific company partners are:

  • Laboratories: Natera provides its Constellation cloud-based software product, which enables laboratory customers to access its algorithms and bioinformatics to validate and launch tests. Furthermore, Natera offers its molecular testing services through a network that includes approximately 100 laboratory partners worldwide.
  • Distribution Partners: The company utilizes a network of approximately 100 distribution partners to commercialize its products, indicating these partners purchase and distribute Natera's offerings.
  • BGI Genomics Co., Ltd. (300676.SZ): Natera has a partnership agreement with BGI Genomics to develop, manufacture, and commercialize NGS-based genetic testing assays.
  • Foundation Medicine, Inc.: Natera has a partnership agreement with Foundation Medicine to develop and commercialize personalized circulating tumor DNA monitoring assays. Foundation Medicine was formerly a public company (symbol FMI) but is now a subsidiary of Roche Holding AG.

AI Analysis | Feedback

  • BGI Genomics Co., Ltd. (SZSE: 300676)
  • Foundation Medicine, Inc.

AI Analysis | Feedback

Steve Chapman Chief Executive Officer and President

Steve Chapman joined Natera in 2010 and has served as Chief Executive Officer since January 2019, also serving on the company's board of directors. Before becoming CEO, he held several other leadership positions at Natera, including Chief Operating Officer, Chief Commercial Officer, Senior Vice President of Commercial, and Vice President of Sales. He notably led Natera's commercial entry into the non-invasive prenatal testing market, where its Panorama® test became a market leader. Prior to Natera, Chapman worked at Genzyme Genetics, where he was recognized for achieving record-breaking commercial growth and implementing strategies that transformed pregnancy genetic testing. He began his career as a researcher in the department of human genetics at the University of California, Los Angeles (UCLA), focusing on identifying SNPs associated with multiple sclerosis. Chapman holds a B.S. in Microbiology, Immunology, and Molecular Genetics from UCLA. He was named a 2024 Top Healthcare Technology CEO and BioTechnology Innovator of the Year.

Michael Brophy Chief Financial Officer and Principal Accounting Officer

Michael Brophy has served as Natera's Chief Financial Officer since February 2017, having joined the company in 2015. During his tenure at Natera, he held roles as Vice President of Corporate Development and Investor Relations and Senior Vice President of Finance and Investor Relations. Before joining Natera, Brophy worked in the investment banking division of Morgan Stanley as a Vice President and Executive Director, where he specialized in advising corporate clients within the life science tools and diagnostics sector. He earned an MBA from the University of California, Los Angeles, and a Bachelor of Science degree in Economics from the United States Air Force Academy.

Solomon Moshkevich President, Clinical Diagnostics

Solomon Moshkevich joined Natera in 2011 and currently serves as President of Clinical Diagnostics, overseeing productization, clinical validation, commercialization, and quality across the company. He has been instrumental in building and leading various teams, including global marketing, product management, medical and scientific affairs, commercial operations, clinical trial operations, business development, international sales, program management, and portfolio strategy. Moshkevich played a key role in the development, clinical validation, and commercial success of all of Natera's cell-free DNA products, such as Panorama, Prospera, and Signatera. He previously served as General Manager of Oncology. Moshkevich began his career as a consultant with Bain & Company and later joined the private equity investment team at Parthenon Capital. He holds an MBA from Stanford University and a B.A. in economics and mathematics from Columbia University.

Matthew Rabinowitz, PhD Executive Chairman of the Board, Co-Founder

Matthew Rabinowitz is a co-founder of Natera, Inc., which was initially known as Gene Security Network, Inc. He currently serves as the Executive Chairman of its board of directors. From 2005 to 2019, Rabinowitz held the position of Natera's Chief Executive Officer. He manages an early-stage technology venture fund that focuses on biotech, security, and artificial intelligence (AI). Additionally, Rabinowitz serves as a chairman, director, and/or advisor for numerous companies and nonprofits involved in diagnostics, biotech, AI, health services, and nature conservation.

John Fesko President & Chief Business Officer

John Fesko joined Natera in 2014 and was promoted to President & Chief Business Officer in September 2023. He oversees reimbursement strategy and market access, patient operations and experience, marketing and communications, government affairs, business and market development, pharmaceutical services, and international commercial operations. Fesko previously held various leadership roles of increasing responsibility at Natera, including Chief Business Officer since 2019. Prior to his time at Natera, he gained experience working at Roche, Novartis Pharma AG, MPM Capital, and InVivoScribe.

AI Analysis | Feedback

Natera (NTRA) faces several key risks inherent to the highly regulated and competitive diagnostics industry, particularly concerning its genetic testing services. Here are the key risks to Natera's business:

Reimbursement and Regulatory Challenges

Natera's revenue significantly depends on favorable reimbursement policies and consistent insurance coverage for its diagnostic tests, including non-invasive prenatal testing (NIPT) and minimal residual disease (MRD) assays. Changes in reimbursement rates, coverage decisions by private payers or government programs like Medicare (for example, increased scrutiny on laboratory-developed tests under new FDA rules), or a reduction in average sales prices could substantially impact the company's profitability and market access. Furthermore, Natera has faced allegations and settlements related to improper billing practices in the past, indicating an ongoing sensitivity to regulatory compliance and billing integrity.

Intense Competition and Rapid Technological Obsolescence

The genetic testing and diagnostics market is highly competitive and characterized by rapid technological advancements. Natera competes with established diagnostic giants such as Labcorp and Quest Diagnostics in women's health, specialized companies like CareDx in organ transplant diagnostics, and various players in the burgeoning oncology MRD testing space. This intense competition could lead to pricing pressures, the introduction of more advanced or cost-effective tests by rivals, or the emergence of new technologies that could render some of Natera's current offerings less competitive or obsolete, affecting its market share and growth prospects.

Intellectual Property Litigation and Protection

As a company built on proprietary cell-free DNA technology, Natera's business heavily relies on its ability to protect its intellectual property (IP) through patents. The company has been actively involved in numerous patent infringement lawsuits, both as a plaintiff defending its technology and as a defendant. While Natera has successfully secured favorable rulings, including permanent injunctions against competitors, ongoing or future litigation could be costly, divert significant resources, and, if unsuccessful, could jeopardize its market exclusivity or necessitate expensive licensing agreements. The company also faced a significant liability finding for false advertising in one lawsuit, highlighting broader litigation risks.

AI Analysis | Feedback

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AI Analysis | Feedback

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Natera (NTRA) offers a range of molecular testing services with significant addressable markets globally and in the U.S.

Women's Health

  • Panorama (Non-Invasive Prenatal Test - NIPT): The global Non-Invasive Prenatal Testing (NIPT) market was valued at approximately USD 6.45 billion in 2024 and is projected to reach around USD 18.94 billion by 2034, expanding at a CAGR of 11.65% from 2025 to 2034. Other sources indicate the global NIPT market size was USD 4.16 billion in 2024, poised to grow to USD 9.49 billion by 2033 at a CAGR of 9.6% from 2026–2033, and also valued at USD 7.2 billion in 2025, estimated to reach USD 14.7 billion by 2032 with a CAGR of 11% from 2025-2032. North America consistently dominates the global NIPT market, holding approximately 40% to 61.7% of the market share in 2024.
  • Horizon (Carrier Screening): The global carrier screening market was valued at USD 2.66 billion in 2024 and is projected to reach USD 8.36 billion by 2032, growing at a CAGR of 15.40% from 2025 to 2032. Other estimates place the global market size at USD 3.09 billion in 2025, growing to USD 18.58 billion by 2035 at a CAGR of 19.65% from 2026-2035. North America held the largest share of the global carrier screening market, at 42% in 2025.
  • Vistara (Single-Gene Mutations Screening Test): While specific market sizing for Vistara alone is not explicitly available, it addresses single-gene disorders. The expanded carrier screening market, which includes the detection of multiple conditions, held the dominating share of the carrier screening market with 50% in 2025.
  • Spectrum (IVF Genetic Testing / Preimplantation Genetic Testing - PGT): The global preimplantation genetic testing (PGT) market was estimated at USD 852.4 million in 2024 and is projected to reach USD 1,282.1 million by 2030, growing at a CAGR of 7.1% from 2025 to 2030. Another estimate values the global PGT market at USD 928.78 billion in 2025, projected to reach USD 1,736.79 billion by 2034 with a CAGR of 7.2%. The global preimplantation genetic testing market size is also expected to be valued at US$ 598.4 million in 2026 and reach US$ 1,081.9 million by 2033, growing at a CAGR of 8.8%. North America accounts for a significant portion of this market, with some reports indicating 38% of the global share.
  • Anora (Miscarriage Test): The global recurrent pregnancy loss diagnostics market size reached USD 1.43 billion in 2024 and is expected to expand at a CAGR of 7.2% from 2025 to 2033, leading to a forecasted market size of USD 2.68 billion by 2033. North America remains the largest regional market for recurrent pregnancy loss diagnostics, accounting for approximately 38% of the global market share in 2024.

Oncology

  • Signatera (Circulating Tumor DNA - ctDNA for Molecular Residual Disease - MRD): The total addressable market for minimal residual disease (MRD) testing is estimated to be $15 billion. More specifically, for colorectal cancer MRD testing, the addressable market is estimated at $3.5 billion annually in the U.S. The global minimal residual disease (MRD) testing market size is estimated at USD 1.70 billion in 2025 and is predicted to increase to approximately USD 4.72 billion by 2034, expanding at a CAGR of 12.00% from 2025 to 2034. North America dominated the minimal residual disease (MRD) testing market with around 45% share in 2024. The broader global circulating tumor DNA (ctDNA) market, which includes MRD monitoring, is calculated at USD 7.96 billion in 2025 and is predicted to increase to approximately USD 27.67 billion by 2034, expanding at a CAGR of 14.85% from 2025 to 2034. North America dominated the ctDNA market with a 51% share in 2024.

Organ Health

  • Prospera (Organ Transplant Rejection Assessment): The global transplant diagnostics market size accounted for USD 4.90 billion in 2025 and is predicted to increase to approximately USD 9.24 billion by 2035, expanding at a CAGR of 6.55% from 2026 to 2035. Another source valued the global transplant diagnostics market at USD 4275.4 million in 2025, anticipated to reach USD 6511.91 million by 2033, expanding at a CAGR of 5.4% between 2026 and 2033. North America dominated the market with a major market share in 2025, and held the largest market share at 42% in 2025.
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AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Natera (NTRA) over the next 2-3 years:

  1. Continued strong growth of Signatera (Oncology Segment): Natera's Signatera molecular residual disease (MRD) test is consistently highlighted as a key revenue driver. The company has reported substantial year-over-year increases in oncology test volumes, with a 56% rise in MRD clinical units in Q4 2025 compared to Q4 2024, and 55% growth in oncology tests in Q4 2024 over Q4 2023. Analysts and management anticipate continued robust sequential growth for Signatera. Growth is further supported by expanding reimbursement coverage across various cancer types, guideline updates for circulating tumor DNA (ctDNA), and the launch of new products like the Latitude Tissue-Free MRD test.
  2. Expansion of Prospera (Organ Health Segment): The Prospera test, used to assess organ transplant rejection, is another significant growth area. Natera expects strong sequential growth from Prospera. The organ health segment experienced nearly 50% year-on-year volume growth in Q4 2024, and the company has launched new features, such as those for Prospera Heart, to enhance rejection detection in heart transplant patients.
  3. Increase in overall test volumes and average selling prices (ASPs) across the product portfolio: Natera has consistently demonstrated growth driven by both increased test volumes and improvements in average selling prices across its range of services. In Q4 2024, revenues grew almost twice as fast as volumes, attributed to improving ASPs for products including Panorama (non-invasive prenatal test) and Horizon (carrier screening). Strategic efforts to secure reimbursement for covered services are also contributing to these ASP improvements.
  4. Launch of new products, expanded indications, and pipeline catalysts: Natera's commitment to innovation and its robust pipeline are expected to fuel future revenue. Recent examples include the expanded 21-gene Fetal Focus single-gene non-invasive prenatal test (NIPT). The company also anticipates future growth from upcoming clinical readouts in oncology, kidney/heart transplantation, and fetal RhD NIPT, as well as potential guideline updates and international approvals.

AI Analysis | Feedback

Share Issuance

  • In September 2023, Natera completed an underwritten equity offering, raising approximately $235.8 million net of underwriting discounts.
  • The company redeemed all of its outstanding 2.25% Convertible Senior Notes due 2027, converting $287.4 million of notes into approximately 7.5 million shares of common stock.
  • Weighted-average shares outstanding increased from 124.7 million in 2024 to 136.7 million in 2025.

Outbound Investments

  • In December 2025, Natera completed the acquisition of Foresight Diagnostics, which included a developed technology intangible asset valued at $335.3 million. The upfront cost for this acquisition was $275 million, with potential earnouts of an additional $175 million.

Capital Expenditures

  • Net cash used in investing activities for the full year 2025 was $155.2 million.
  • Natera's research and development costs for 2025 reached $1,801.4 million, a 44.6% increase from 2024, reflecting significant investment in new product offerings and enhancements.
  • For 2026, research and development costs are projected to range from $750 million to $850 million, with a continued focus on innovation and expanding into new indications.

Better Bets vs. Natera (NTRA)

Peer Outperformance in Life Sciences Tools & Services

null
Share of Life Sciences Tools & Services constituents that NTRA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
insufficient peer history
3Y
insufficient peer history
5Y
insufficient peer history
null
null

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

NTRAGHILMNLHDGXMYGNMedian
NameNatera Guardant.Illumina Labcorp Quest Di.Myriad G. 
Mkt Price345.34174.90228.93324.51247.083.86238.00
Mkt Cap49.523.234.626.527.40.427.0
Rev LTM2,7071,1834,49314,34811,5608073,600
Op Inc LTM-290-4708921,6291,635-90401
FCF LTM51-2419311,1551,349-14491
FCF 3Y Avg13-2717731,0901,149-68393
CFO LTM228-1851,0951,6381,9038662
CFO 3Y Avg120-2359231,5731,610-36521

Growth & Margins

NTRAGHILMNLHDGXMYGNMedian
NameNatera Guardant.Illumina Labcorp Quest Di.Myriad G. 
Rev Chg LTM37.8%42.7%4.9%6.4%9.9%-3.2%8.1%
Rev Chg 3Y Avg42.8%32.6%0.3%6.5%7.0%5.1%6.8%
Rev Chg Q37.7%44.3%9.4%5.8%10.2%-10.5%9.8%
QoQ Delta Rev Chg LTM8.2%9.5%2.3%1.4%2.5%-2.7%2.4%
Op Inc Chg LTM1.3%-2.1%8.3%32.0%10.5%-18.1%4.8%
Op Inc Chg 3Y Avg15.5%4.6%675.4%9.2%11.6%16.9%13.5%
Op Mgn LTM-10.7%-39.7%19.9%11.4%14.1%-11.2%0.3%
Op Mgn 3Y Avg-16.2%-58.3%13.4%9.9%13.9%-11.3%-0.7%
QoQ Delta Op Mgn LTM2.3%1.7%0.3%0.2%-0.2%-3.5%0.3%
CFO/Rev LTM8.4%-15.7%24.4%11.4%16.5%1.0%9.9%
CFO/Rev 3Y Avg4.6%-29.3%21.0%11.7%15.3%-4.4%8.1%
FCF/Rev LTM1.9%-20.3%20.7%8.1%11.7%-1.8%5.0%
FCF/Rev 3Y Avg-0.5%-33.2%17.6%8.1%10.9%-8.5%3.8%

Valuation

NTRAGHILMNLHDGXMYGNMedian
NameNatera Guardant.Illumina Labcorp Quest Di.Myriad G. 
Mkt Cap49.523.234.626.527.40.427.0
P/S18.319.67.71.82.40.55.0
P/Op Inc-170.8-49.438.816.316.8-4.06.1
P/EBIT-198.8-51.731.118.116.4-3.86.3
P/E-257.2-51.241.926.525.8-3.211.3
P/CFO216.8-125.531.616.214.447.523.9
Total Yield-0.4%-2.0%2.4%4.7%5.2%-30.8%1.0%
Dividend Yield0.0%0.0%0.0%0.9%1.3%0.0%0.0%
FCF Yield 3Y Avg-0.1%-4.6%4.2%5.3%5.9%-6.4%2.0%
D/E0.00.10.10.30.20.60.2
Net D/E-0.00.00.00.20.20.30.1

Returns

NTRAGHILMNLHDGXMYGNMedian
NameNatera Guardant.Illumina Labcorp Quest Di.Myriad G. 
1M Rtn9.9%8.2%18.5%0.6%4.9%26.6%9.1%
3M Rtn52.5%35.5%43.9%25.3%25.4%-11.9%30.5%
6M Rtn74.6%100.4%86.2%22.7%27.6%-16.8%51.1%
12M Rtn97.3%215.7%125.6%19.6%39.6%-48.5%68.4%
3Y Rtn570.6%492.3%61.2%65.5%107.6%-76.8%86.6%
1M Excs Rtn12.4%10.7%21.0%3.1%7.4%29.1%11.5%
3M Excs Rtn56.4%36.8%38.8%22.3%22.9%-9.7%29.8%
6M Excs Rtn61.6%84.6%77.0%8.1%13.0%-31.7%37.3%
12M Excs Rtn86.4%205.1%112.7%4.9%25.0%-61.4%55.7%
3Y Excs Rtn464.3%355.8%-16.1%-3.0%38.5%-144.6%17.8%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment2,3061,6971,083  
Licensing and other revenues   2345
Product revenues   797580
Total2,3061,6971,083820625


Price Behavior

Price Behavior
Market Price$345.34 
Market Cap ($ Bil)49.5 
First Trading Date07/02/2015 
Distance from 52W High-1.6% 
   50 Days200 Days
DMA Price$300.69$238.45
DMA Trendupup
Distance from DMA14.8%44.8%
 3M1YR
Volatility57.1%47.9%
Downside Capture10.9096.10
Upside Capture239.10160.57
Correlation (SPY)21.7%33.6%
NTRA Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta2.331.681.111.361.271.32
Up Beta-0.641.921.842.071.861.44
Down Beta-2.57-1.830.410.990.511.06
Up Capture556%306%210%171%215%513%
Bmk +ve Days10213268138427
Stock +ve Days10203367134400
Down Capture327%188%20%81%104%105%
Bmk -ve Days11213259113324
Stock -ve Days11223160117350

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NTRA
NTRA101.1%47.9%1.60-
Sector ETF (XLV)24.2%16.1%1.1628.2%
Equity (SPY)15.1%12.8%0.8233.5%
Gold (GLD)15.7%29.3%0.5019.0%
Commodities (DBC)47.3%20.7%1.76-12.8%
Real Estate (VNQ)4.8%13.5%0.1014.7%
Bitcoin (BTCUSD)-34.6%43.9%-0.8420.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NTRA
NTRA24.2%57.6%0.60-
Sector ETF (XLV)5.9%15.2%0.2131.6%
Equity (SPY)12.3%17.2%0.5442.2%
Gold (GLD)18.6%18.8%0.8013.3%
Commodities (DBC)11.5%19.6%0.4611.4%
Real Estate (VNQ)0.5%18.9%-0.0830.5%
Bitcoin (BTCUSD)10.4%52.5%0.3822.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NTRA
NTRA42.0%61.0%0.83-
Sector ETF (XLV)10.5%16.7%0.5135.4%
Equity (SPY)15.0%18.0%0.7141.5%
Gold (GLD)11.8%16.3%0.599.8%
Commodities (DBC)8.6%18.1%0.3915.2%
Real Estate (VNQ)4.4%20.7%0.1831.6%
Bitcoin (BTCUSD)62.0%66.1%1.0215.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity5.5 Mil
Short Interest: % Change Since 815202628.4%
Average Daily Volume1.3 Mil
Days-to-Cover Short Interest4.4 days
Basic Shares Quantity143.3 Mil
Short % of Basic Shares3.8%

Earnings Returns History

Updated 9/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/202621.4%17.1%23.7%
5/7/2026-11.6%-10.4%-2.9%
2/26/2026-3.7%-8.8%-15.5%
11/6/20250.5%1.1%18.7%
8/7/20257.7%12.3%18.6%
5/8/2025-6.5%-8.1%1.0%
2/27/2025-0.7%-9.6%-8.1%
11/12/202419.1%20.0%23.2%
...
SUMMARY STATS   
# Positive181316
# Negative7129
Median Positive7.1%13.6%17.7%
Median Negative-3.7%-8.4%-8.7%
Max Positive21.4%28.1%44.1%
Max Negative-12.7%-19.5%-39.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/202621.4%17.1%23.7%
5/7/2026-11.6%-10.4%-2.9%
2/26/2026-3.7%-8.8%-15.5%
11/6/20250.5%1.1%18.7%
8/7/20257.7%12.3%18.6%
5/8/2025-6.5%-8.1%1.0%
2/27/2025-0.7%-9.6%-8.1%
11/12/202419.1%20.0%23.2%
8/8/20246.4%13.5%9.2%
5/9/202410.2%13.6%16.9%
2/28/202413.0%17.9%19.5%
1/9/20241.9%-3.0%7.8%
11/8/20239.8%28.1%40.7%
8/3/202317.6%22.9%44.1%
5/9/2023-3.4%-3.8%-7.9%
2/28/202311.8%17.9%17.2%
11/8/2022-12.7%-19.5%-8.7%
8/4/20220.9%5.1%-6.6%
5/5/20225.8%-15.2%4.9%
2/24/20222.6%-7.9%-39.1%
11/4/20214.8%2.3%-22.1%
8/5/2021-2.0%-14.7%3.4%
5/6/20215.7%-7.7%6.1%
2/25/20216.7%-6.1%-13.9%
11/5/20207.4%9.3%18.3%
SUMMARY STATS   
# Positive181316
# Negative7129
Median Positive7.1%13.6%17.7%
Median Negative-3.7%-8.4%-8.7%
Max Positive21.4%28.1%44.1%
Max Negative-12.7%-19.5%-39.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/08/202610-Q
12/31/202502/27/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202402/28/202510-K
09/30/202411/12/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202302/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/04/202310-Q
03/31/202305/10/202310-Q
12/31/202203/01/202310-K
09/30/202211/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/08/202610-Q
12/31/202502/27/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202402/28/202510-K
09/30/202411/12/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202302/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/04/202310-Q
03/31/202305/10/202310-Q
12/31/202203/01/202310-K
09/30/202211/09/202210-Q
06/30/202208/05/202210-Q
03/31/202205/06/202210-Q
12/31/202102/25/202210-K
09/30/202111/05/202110-Q
06/30/202108/06/202110-Q
03/31/202105/07/202110-Q
12/31/202002/26/202110-K
09/30/202011/06/202010-Q
06/30/202008/07/202010-Q
03/31/202005/08/202010-Q
12/31/201903/02/202010-K
09/30/201911/08/201910-Q

Recent Forward Guidance

Updated 8/7/2026

Latest: Q2 2026 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Research and Development CostsReported800.00 Mil850.00 Mil900.00 Mil0 AffirmedGuidance: 850.00 Mil for 2026
2026 RevenueReported2.85 Bil2.88 Bil2.91 Bil3.6% RaisedGuidance: 2.78 Bil for 2026
2026 Gross ProfitCalculated1.82 Bil1.87 Bil1.92 Bil  Rev x Gross Margin
2026 Gross MarginReported64.0%65.0%66.0% 0AffirmedGuidance: 65.0% for 2026
2026 Selling, General and Administrative CostsReported1.12 Bil1.18 Bil1.23 Bil0 AffirmedGuidance: 1.18 Bil for 2026


Prior: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Research and Development CostsReported800.00 Mil850.00 Mil900.00 Mil6.2% RaisedGuidance: 800.00 Mil for 2026
2026 RevenueReported2.74 Bil2.78 Bil2.82 Bil4.5% RaisedGuidance: 2.66 Bil for 2026
2026 Gross ProfitCalculated1.75 Bil1.81 Bil1.86 Bil  Rev x Gross Margin
2026 Gross MarginReported64.0%65.0%66.0% 1.0%RaisedGuidance: 64.0% for 2026
2026 Selling, General and Administrative CostsReported1.12 Bil1.18 Bil1.23 Bil0 AffirmedGuidance: 1.18 Bil for 2026

Q4 2025 Earnings Reported 2/26/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Research and Development CostsReported750.00 Mil800.00 Mil850.00 Mil33.3% Higher NewActual: 600.00 Mil for 2025
2026 RevenueReported2.62 Bil2.66 Bil2.70 Bil19.8% Higher NewActual: 2.22 Bil for 2025
2026 Gross ProfitCalculated1.65 Bil1.70 Bil1.75 Bil  Rev x Gross Margin
2026 Gross MarginReported63.0%64.0%65.0% 1.0%Higher NewActual: 63.0% for 2025
2026 Selling, General and Administrative CostsReported1.12 Bil1.18 Bil1.23 Bil4.0% Higher NewActual: 1.13 Bil for 2025

Q3 2025 Earnings Reported 11/6/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 Research and Development CostsReported575.00 Mil600.00 Mil625.00 Mil5.3% RaisedGuidance: 570.00 Mil for 2025
2025 Net Cash InflowReported 100.00 Mil    
2025 RevenueReported2.18 Bil2.22 Bil2.26 Bil7.8% RaisedGuidance: 2.06 Bil for 2025
2025 Gross ProfitCalculated1.35 Bil1.40 Bil1.45 Bil  Rev x Gross Margin
2025 Gross MarginReported62.0%63.0%64.0% 0.5%RaisedGuidance: 62.5% for 2025
2025 Selling, General and Administrative CostsReported1.08 Bil1.13 Bil1.18 Bil11.6% RaisedGuidance: 1.01 Bil for 2025

Insider Activity

Updated 9/17/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Sheena, JonathanDirectSell9172026354.193,1501,115,71478,388,278Form
2Sheena, JonathanDirectSell9172026350.076,0002,100,43178,578,517Form
3Rabinowitz, MatthewEXECUTIVE CHAIRMANDirectSell9162026347.1950,00017,359,280737,906,180Form
4Rabinowitz, MatthewEXECUTIVE CHAIRMANspouseSell9162026350.012,000  Form
5Rabinowitz, MatthewEXECUTIVE CHAIRMANDirectSell9162026334.7650,00016,737,977728,233,883Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Sheena, JonathanDirectSell9172026354.193,1501,115,71478,388,278Form
2Sheena, JonathanDirectSell9172026350.076,0002,100,43178,578,517Form
3Rabinowitz, MatthewEXECUTIVE CHAIRMANDirectSell9162026347.1950,00017,359,280737,906,180Form
4Rabinowitz, MatthewEXECUTIVE CHAIRMANspouseSell9162026350.012,000  Form
5Rabinowitz, MatthewEXECUTIVE CHAIRMANDirectSell9162026334.7650,00016,737,977728,233,883Form
6Rabinowitz, MatthewEXECUTIVE CHAIRMANDirectSell9112026327.9750,00016,398,267729,852,103Form
7Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell9032026326.8915,1604,955,71336,239,142Form
8Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell9032026320.733,000962,19440,418,230Form
9Chapman, Steven LeonardCEO AND PRESIDENTDirectSell9032026320.991,698545,04131,520,897Form
10Fesko, JohnPRESIDENT, CHIEF BUS. OFFICERDirectSell8282026321.536,5172,095,41163,424,043Form
11Sheena, JonathanDirectSell8142026325.326,0001,951,94274,975,401Form
12Rabinowitz, MatthewEXECUTIVE CHAIRMANspouseSell8072026320.902,000641,800641,800Form
13Sheena, JonathanDirectSell8072026315.669,1502,888,32574,643,168Form
14Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell8052026274.22478131,07714,159,898Form
15Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell8052026267.9931784,95313,966,262Form
16Chapman, Steven LeonardCEO AND PRESIDENTDirectSell8052026266.393,076819,43126,612,061Form
17Fesko, JohnPRESIDENT, CHIEF BUS. OFFICERDirectSell8052026267.9929579,05749,249,466Form
18Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell8052026265.583,410905,62734,264,832Form
19Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell8052026267.9933489,50845,577,744Form
20Rabinowitz, MatthewEXECUTIVE CHAIRMANDirectSell8052026267.99731195,900609,781,245Form
21Sheena, JonathanDirectSell8052026267.9910929,21165,821,924Form
22Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell7292026249.381,863464,59513,075,492Form
23Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell7292026254.071,003254,83343,295,375Form
24Sheena, JonathanDirectSell7292026254.0719148,52762,430,744Form
25Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell7292026254.071,204305,90133,646,302Form
26Fesko, JohnPRESIDENT, CHIEF BUS. OFFICERDirectSell7292026254.07931236,54046,766,503Form
27Chapman, Steven LeonardCEO AND PRESIDENTDirectSell7292026254.073,580909,57226,162,391Form
28Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell7292026253.962,419614,33613,788,900Form
29Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell7292026260.49884230,27444,650,728Form
30Sheena, JonathanDirectSell7292026260.4928875,02164,058,335Form
31Rabinowitz, MatthewEXECUTIVE CHAIRMANDirectSell7292026260.491,718447,523592,909,622Form
32Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell7292026260.491,010263,09634,810,167Form
33Fesko, JohnPRESIDENT, CHIEF BUS. OFFICERDirectSell7292026260.49782203,70448,190,798Form
34Chapman, Steven LeonardCEO AND PRESIDENTDirectSell7292026260.492,190570,47527,756,076Form
35Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell7292026260.49782203,70414,773,475Form
36Chapman, Rowan EDirectSell7172026274.8213537,1011,281,486Form
37Sheena, JonathanCaraluna 1 TrustSell7172026273.87750205,4054,938,478Form
38Sheena, JonathanCaraluna 2 TrustSell7172026273.89750205,4204,938,856Form
39Sheena, JonathanDirectSell7152026265.683,150836,89865,411,437Form
40Rabinowitz, MatthewEXECUTIVE CHAIRMANspouseSell7082026280.001,000280,0001,120,000Form
41Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell7062026272.2916,8004,574,43146,913,508Form
42Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell7062026272.903,000818,71036,744,546Form
43Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell6262026251.6533,6008,455,35547,585,024Form
44Rosenman, HermDirectSell6262026250.0016,5304,132,5001,062,500Form
45Sheena, JonathanCaraluna 1 TrustSell6222026219.86750164,8984,129,491Form
46Sheena, JonathanCaraluna 2 TrustSell6222026219.88750164,9124,129,825Form
47Chapman, Rowan EDirectSell6172026216.782,964642,536677,221Form
48Sheena, JonathanDirectSell6172026211.143,150665,08752,647,878Form
49Rabinowitz, MatthewEXECUTIVE CHAIRMANDirectSell6162026214.9150,00010,745,662489,538,631Form
50Rabinowitz, MatthewEXECUTIVE CHAIRMANDirectSell6162026214.0350,00010,701,645498,235,000Form
51Marcus, Gail BoxerDirectSell6092026217.2111,0002,389,3281,343,020Form
52Chapman, Steven LeonardCEO AND PRESIDENTDirectSell6052026221.0341,1249,089,77624,035,832Form
53Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell6032026218.433,000655,29530,065,581Form
54Botha, Roelof Estate planning vehiclesSell6032026220.3178,00017,184,092237,095,968Form
55Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell5282026202.841,652335,09128,527,998Form
56Fesko, JohnPRESIDENT, CHIEF BUS. OFFICERDirectSell5282026202.841,438291,68437,683,984Form
57Sheena, JonathanCaraluna 1 TrustSell5152026201.57750151,1773,937,061Form
58Sheena, JonathanCaraluna 2 TrustSell5152026201.56750151,1693,936,850Form
59Sheena, JonathanDirectSell5152026208.603,150657,10452,673,060Form
60Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell5052026210.49482101,45612,102,333Form
61Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell5052026206.1631364,52811,952,744Form
62Sheena, JonathanDirectSell5052026206.1610722,05952,705,216Form
63Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell5052026203.693,405693,56028,983,881Form
64Fesko, JohnPRESIDENT, CHIEF BUS. OFFICERDirectSell5052026206.1629159,99338,597,275Form
65Chapman, Steven LeonardCEO AND PRESIDENTDirectSell5052026206.16902185,95630,896,581Form
66Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell5052026206.1633068,03345,910,595Form
67Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell4292026193.743,070594,78911,293,442Form
68Sheena, JonathanDirectSell4292026196.423,071603,19850,226,140Form
69Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell4292026204.141,993406,85612,526,383Form
70Chapman, Steven LeonardCEO AND PRESIDENTDirectSell4292026204.145,8381,191,77530,778,124Form
71Fesko, JohnPRESIDENT, CHIEF BUS. OFFICERDirectSell4292026204.101,688344,51738,270,560Form
72Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell4292026204.102,182445,34129,737,016Form
73Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell4292026204.091,861379,81145,516,918Form
74Sheena, JonathanDirectSell4292026204.0047396,49452,792,661Form
75Sheena, JonathanCaraluna 1 TrustSell4212026199.66750149,7484,049,585Form
76Sheena, JonathanCaraluna 2 TrustSell4212026199.59750149,6934,048,097Form
77Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell4032026203.318,4001,707,81445,721,646Form
78Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell4032026202.303,000606,89929,916,503Form
79Sheena, JonathanCaraluna 1 TrustSell3202026200.08750150,0634,208,169Form
80Sheena, JonathanCaraluna 2 TrustSell3202026199.82750149,8684,202,696Form
81Sheena, JonathanDirectSell3202026198.173,070608,37051,375,578Form
82Chapman, Rowan EDirectSell3172026191.3812223,3481,100,818Form
83Rabinowitz, MatthewEXECUTIVE CHAIRMANDirectSell3162026196.2850,0009,813,883453,552,943Form
84Rabinowitz, MatthewEXECUTIVE CHAIRMANDirectSell3162026189.0175,00014,175,379436,747,589Form
85Rabinowitz, MatthewEXECUTIVE CHAIRMANDirectSell3162026190.5975,00014,294,119440,406,001Form
86Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell3102026196.088,3981,646,69645,742,967Form
87Chapman, Steven LeonardCEO AND PRESIDENTDirectSell3032026200.023,950790,09531,325,166Form
88Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell3032026199.853,000599,54529,981,849Form
89Sheena, JonathanDirectSell3032026200.233,070614,71052,499,439Form
90Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell2042026230.771,639378,22931,810,676Form
91Chapman, Steven LeonardCEO AND PRESIDENTDirectSell2042026230.774,7251,090,37928,420,464Form
92Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell2042026227.836,9391,580,92611,874,605Form
93Fesko, JohnPRESIDENT, CHIEF BUS. OFFICERDirectSell2042026231.023,594830,27941,139,911Form
94Sheena, JonathanDirectSell2042026230.77435100,38460,729,138Form
95Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell2042026230.771,334307,84551,648,878Form
96Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell2042026231.443,000694,30932,282,136Form
97Chapman, Steven LeonardCEO AND PRESIDENTDirectSell2042026230.7285,29919,680,04029,504,487Form
98Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell1292026230.401,867430,15613,607,157Form
99Chapman, Steven LeonardCEO AND PRESIDENTDirectSell1292026237.663,648866,99250,664,870Form
100Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell1292026237.562,413573,22114,473,299Form
101Sheena, JonathanDirectSell1292026237.6619145,39462,646,858Form
102Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell1292026237.661,000237,66253,508,976Form
103Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell1292026237.661,200285,19533,863,565Form
104Fesko, JohnPRESIDENT, CHIEF BUS. OFFICERDirectSell1292026237.66928220,55141,719,258Form
105Chapman, Steven LeonardCEO AND PRESIDENTDirectSell1292026240.532,322558,51452,153,921Form
106Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell1292026240.53784188,57715,235,012Form
107Sheena, JonathanDirectSell1292026240.5329169,99563,449,030Form
108Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell1292026240.53886213,11154,395,432Form
109Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell1292026240.531,013243,65834,560,980Form
110Fesko, JohnPRESIDENT, CHIEF BUS. OFFICERDirectSell1292026240.53784188,57742,446,077Form
111Sheena, JonathanCaraluna 1 TrustSell1272026243.99750182,9945,314,622Form
112Sheena, JonathanCaraluna 2 TrustSell1272026243.89750182,9215,312,504Form
113Chapman, Steven LeonardCEO AND PRESIDENTDirectSell1222026235.001,590373,65051,500,250Form
114Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell1222026242.5437,1759,016,58515,552,669Form
115Sheena, JonathanDirectSell1222026234.463,163741,61261,916,962Form
116Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell1222026235.00438102,93053,352,755Form
117Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell1222026235.0029368,85534,004,265Form
118Fesko, JohnPRESIDENT, CHIEF BUS. OFFICERDirectSell1222026235.0033979,66541,654,220Form
119Chapman, Steven LeonardCEO AND PRESIDENTDirectSell1222026234.7471,93216,885,20351,021,330Form
120Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell1222026234.7423,9485,621,51523,421,259Form
121Sheena, JonathanDirectSell1222026234.742,981699,75562,686,890Form
122Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell1222026234.7419,2344,514,95853,195,243Form
123Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell1222026234.7423,2055,447,10534,035,190Form
124Fesko, JohnPRESIDENT, CHIEF BUS. OFFICERDirectSell1222026234.7417,8064,179,75241,687,427Form
125Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell1062026228.952,951675,62128,274,679Form
126Chapman, Steven LeonardCEO AND PRESIDENTDirectSell1062026229.083,848881,48231,284,355Form
127Sheena, JonathanCaraluna 1 TrustSell12222025225.97750169,4765,091,516Form
128Sheena, JonathanCaraluna 2 TrustSell12222025225.92750169,4385,090,358Form
129Sheena, JonathanDirectSell12172025227.013,070696,91250,614,892Form
130Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell12162025230.764,6921,082,71426,090,597Form
131Rosenman, HermDirectSell12162025227.4248,41911,011,4774,626,190Form
132Chapman, Rowan EDirectSell12092025243.104,3661,061,3891,404,408Form
133Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell12032025238.153,000714,45925,973,196Form
134Chapman, Steven LeonardCEO AND PRESIDENTDirectSell12032025238.074,4001,047,50233,428,644Form
135Botha, Roelof Estate planning vehiclesSell11262025236.1275,00017,708,936272,528,240Form
136Sheena, JonathanCaraluna 1 TrustSell11212025230.012,000460,0195,355,086Form
137Sheena, JonathanCaraluna 2 TrustSell11212025230.012,000460,0115,354,988Form
138Sheena, JonathanDirectSell11212025225.0810,0002,250,81650,116,669Form
139Baynes, Roy DDirectSell11212025223.087,6681,710,6004,095,580Form
140Baynes, Roy DDirectSell11212025215.005,1121,099,0883,947,215Form
141Sheena, JonathanCaraluna 1 TrustSell11122025207.94750155,9555,257,144Form
142Sheena, JonathanCaraluna 2 TrustSell11122025207.97750155,9795,257,936Form
143Sheena, JonathanDirectSell11122025192.563,070591,15944,801,016Form
144Rabinowitz, MatthewEXECUTIVE CHAIRMANDirectSell11042025200.5122,9004,591,674457,333,140Form
145Sheena, JonathanCaraluna 1 TrustSell11042025200.142,000400,2745,209,961Form
146Sheena, JonathanCaraluna 2 TrustSell11042025200.002,000400,0005,206,400Form
147Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell11042025198.603,000595,81022,255,689Form
148Marcus, Gail BoxerDirectSell11042025198.7112224,2431,144,967Form
149Chapman, Steven LeonardCEO AND PRESIDENTDirectSell11032025199.96160,70332,133,98128,957,235Form
150Rabinowitz, MatthewEXECUTIVE CHAIRMANDirectSell11032025200.0017,1003,420,003460,750,861Form
151Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell10292025190.641,867355,92512,224,971Form
152Chapman, Steven LeonardCEO AND PRESIDENTDirectSell10292025191.463,680704,58028,688,651Form
153Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell10292025191.162,415461,64812,615,132Form
154Sheena, JonathanDirectSell10292025191.4619136,56945,133,314Form
155Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell10292025191.461,058202,56738,617,674Form
156Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell10292025191.461,198229,37122,029,798Form
157Fesko, JohnPRESIDENT, CHIEF BUS. OFFICERDirectSell10292025191.46928177,67728,853,117Form
158Chapman, Steven LeonardCEO AND PRESIDENTDirectSell10292025192.322,335449,07729,525,580Form
159Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell10292025192.32781150,20513,156,500Form
160Sheena, JonathanDirectSell10292025192.3228855,38945,373,270Form
161Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell10292025192.32935179,82338,995,037Form
162Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell10292025192.321,008193,86322,359,396Form
163Fesko, JohnPRESIDENT, CHIEF BUS. OFFICERDirectSell10292025192.32781150,20529,161,511Form
164Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell10242025196.77755148,56113,614,320Form
165Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell10242025187.1649592,64413,090,719Form
166Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell10242025186.68920171,74612,916,203Form
167Sheena, JonathanDirectSell10222025187.959317,47944,395,482Form
168Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell10222025187.9546487,20938,283,911Form
169Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell10222025187.9529254,88122,040,333Form
170Fesko, JohnPRESIDENT, CHIEF BUS. OFFICERDirectSell10222025187.9533963,71528,645,084Form
171Chapman, Steven LeonardCEO AND PRESIDENTDirectSell10222025187.951,603301,28429,292,947Form
172Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell10222025187.95602113,14613,176,987Form
173Rabinowitz, MatthewEXECUTIVE CHAIRMANspouseSell10222025190.0010,0001,900,000950,000Form
174Sheena, JonathanCaraluna 1 TrustSell10172025178.91750134,1855,015,302Form
175Sheena, JonathanCaraluna 2 TrustSell10172025178.90750134,1755,014,940Form
176Sheena, JonathanDirectSell10172025175.473,070538,68141,429,685Form
177Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell10012025159.993,000479,96918,808,221Form
178Chapman, Steven LeonardCEO AND PRESIDENTDirectSell10012025160.0014,0832,253,23324,651,008Form
179Rabinowitz, DanielSEC. AND CHIEF LEGAL OFFICERDirectSell10012025162.051,364221,04032,945,334Form
180Chapman, Steven LeonardCEO AND PRESIDENTDirectSell10012025162.059,1091,476,13927,249,989Form
181Brophy, Michael BurkesCHIEF FINANCIAL OFFICERDirectSell10012025162.052,491403,67411,212,271Form
182Sheena, JonathanCaraluna 1 TrustSell9192025179.485,500987,1265,165,718Form
183Sheena, JonathanCaraluna 2 TrustSell9192025179.475,500987,0815,165,483Form
184Rabinowitz, MatthewEXECUTIVE CHAIRMANDirectSell9192025180.5825,5274,609,599419,093,402Form
185Rabinowitz, MatthewEXECUTIVE CHAIRMANspouseSell9192025180.0010,0001,800,0002,700,000Form
186Rabinowitz, MatthewEXECUTIVE CHAIRMANDirectSell9192025180.1314,4732,607,069422,660,992Form
187Sheena, JonathanDirectSell9192025175.943,070540,14842,082,645Form
188Rabinowitz, MatthewEXECUTIVE CHAIRMANspouseSell9162025170.545,000852,7074,263,537Form
189Chapman, Steven LeonardCEO AND PRESIDENTDirectSell9052025166.535,079845,79526,396,998Form
190Moshkevich, SolomonPRESIDENT, CLINICALDIAGNOSTICSDirectSell9052025166.623,000499,86520,137,718Form
191Chapman, Rowan EDirectSell9022025166.992,750459,2221,004,445Form

Investor Activity (13F)

Updated Sep 17, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Sofinnova Investments, Inc.$310.0 Mil15.5%61Hold13F
Castle Hook Partners LP$505.9 Mil10.2%44ADD +16.7%13F
Davern Capital Partners, LP$28.8 Mil7.9%17ADD +83.0%13F
Science & Technology Partners, L.P.$19.9 Mil5.2%42ADD +25.8%13F
Eagle Health Investments LP$24.4 Mil5.1%26TRIM -33.5%13F
PointState Capital LP$148.0 Mil3.4%44Hold13F
Catalio Capital Management, LP$14.2 Mil3.0%41ADD +13.9%13F
First Turn Management, LLC$16.2 Mil1.8%33Hold13F
Avala Global LP$30.4 Mil1.5%22New13F
MPM Bioimpact LLC$18.6 Mil1.4%41Hold13F
GCM Grosvenor Holdings, LLC$7.3 Mil0.8%22TRIM -26.9%13F
Kinetic Partners Management, LP$12.2 Mil0.7%49TRIM -77.8%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Avala Global LP$30.4 Mil1.5%22New13F
Davern Capital Partners, LP$28.8 Mil7.9%17ADD +83.0%13F
Science & Technology Partners, L.P.$19.9 Mil5.2%42ADD +25.8%13F
Castle Hook Partners LP$505.9 Mil10.2%44ADD +16.7%13F
Catalio Capital Management, LP$14.2 Mil3.0%41ADD +13.9%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Foresite Capital Management VI LLC$15.4 Mil4.7%12ExitedDec 31, 202513F
Deepwater Asset Management, LLC$9.1 Mil2.6%46ExitedDec 31, 202513F
Board of Trustees of The Leland Stanford Junior University$7.2 Mil1.4%22ExitedDec 31, 202513F
Kinetic Partners Management, LP$12.2 Mil0.7%49TRIM -77.8%Mar 31, 202613F
Eagle Health Investments LP$24.4 Mil5.1%26TRIM -33.5%Mar 31, 202613F
GCM Grosvenor Holdings, LLC$7.3 Mil0.8%22TRIM -26.9%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Castle Hook Partners LP$505.9 Mil10.2%44ADD +16.7%13F
Sofinnova Investments, Inc.$310.0 Mil15.5%61Hold13F
PointState Capital LP$148.0 Mil3.4%44Hold13F
Avala Global LP$30.4 Mil1.5%22New13F
Davern Capital Partners, LP$28.8 Mil7.9%17ADD +83.0%13F
Eagle Health Investments LP$24.4 Mil5.1%26TRIM -33.5%13F
Science & Technology Partners, L.P.$19.9 Mil5.2%42ADD +25.8%13F
MPM Bioimpact LLC$18.6 Mil1.4%41Hold13F
First Turn Management, LLC$16.2 Mil1.8%33Hold13F
Catalio Capital Management, LP$14.2 Mil3.0%41ADD +13.9%13F
Kinetic Partners Management, LP$12.2 Mil0.7%49TRIM -77.8%13F
GCM Grosvenor Holdings, LLC$7.3 Mil0.8%22TRIM -26.9%13F
Core Cache Last Updated: 9/16/2026