Natera (NTRA)


Market Price (9/14/2026): $328.91 | Market Cap: $47.1 BilSector: Health Care | Industry: Life Sciences Tools & Services

Natera (NTRA)


Market Price (9/14/2026): $328.91
Market Cap: $47.1 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 -2.9%, Dist 3Y High is -2.9%

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 206x

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 54%

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 -2.9%, Dist 3Y High is -2.9%
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 206x
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 54%
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

VTI0.05%
ITOT0.06%
IWB0.06%
VB0.45%
IBB3.3%
XOVR2.4%
XBI1.5%
IWP1.3%
+14 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/1/2026

Natera (NTRA) stock has gained about 45% since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Performance and Raised Full-Year Guidance.

Natera reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), with total revenues reaching $752.8 million, an increase of 37.7% year-over-year, which significantly surpassed analyst estimates of approximately $661 million. The company also delivered an EPS of -$0.47, beating consensus estimates of -$0.49 to -$0.52. Following these strong results, Natera raised its full-year 2026 revenue guidance by $100 million at the midpoint, adjusting it from $2.74 billion - $2.82 billion to $2.85 billion - $2.91 billion.

2. Multiple Regulatory Approvals and Expanded Clinical Adoption for Signatera.

Natera achieved several key regulatory and clinical milestones for its Signatera molecular residual disease (MRD) test. In May 2026, the U.S. FDA granted approval for Signatera as a companion diagnostic for patients with muscle-invasive bladder cancer, marking an industry first for MRD testing. This was followed by approval from the Japanese Pharmaceuticals and Medical Devices Agency (PMDA) for colorectal cancer in June 2026. In July 2026, Signatera also received IVDR certification in the EU, becoming the first MRD test for solid tumors to achieve this designation in Europe across more than 20 tumor types. Additionally, the NCCN Guideline Committee issued a Category 1 recommendation for Signatera-guided adjuvant treatment in muscle-invasive bladder cancer.

Show more
Updated on 9/1/2026

Natera (NTRA) stock has gained about 45% since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Performance and Raised Full-Year Guidance.

Natera reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), with total revenues reaching $752.8 million, an increase of 37.7% year-over-year, which significantly surpassed analyst estimates of approximately $661 million. The company also delivered an EPS of -$0.47, beating consensus estimates of -$0.49 to -$0.52. Following these strong results, Natera raised its full-year 2026 revenue guidance by $100 million at the midpoint, adjusting it from $2.74 billion - $2.82 billion to $2.85 billion - $2.91 billion.

2. Multiple Regulatory Approvals and Expanded Clinical Adoption for Signatera.

Natera achieved several key regulatory and clinical milestones for its Signatera molecular residual disease (MRD) test. In May 2026, the U.S. FDA granted approval for Signatera as a companion diagnostic for patients with muscle-invasive bladder cancer, marking an industry first for MRD testing. This was followed by approval from the Japanese Pharmaceuticals and Medical Devices Agency (PMDA) for colorectal cancer in June 2026. In July 2026, Signatera also received IVDR certification in the EU, becoming the first MRD test for solid tumors to achieve this designation in Europe across more than 20 tumor types. Additionally, the NCCN Guideline Committee issued a Category 1 recommendation for Signatera-guided adjuvant treatment in muscle-invasive bladder cancer.

3. Significant Growth in Test Volumes, Particularly in Oncology.

The company demonstrated substantial growth in test volumes during fiscal Q2 2026, processing approximately 1,043,900 tests, representing a 22.4% increase year-over-year. Growth in oncology tests was particularly strong, with volumes surging by 57.2% year-over-year to approximately 296,700 tests in fiscal Q2 2026. Clinical molecular residual disease (MRD) oncology units recorded their largest sequential increase to date, growing by 34,000 units over fiscal Q1 2026.

4. Positive Analyst Sentiment and Increased Institutional Investment.

Natera's strong performance and product advancements led to a favorable shift in analyst sentiment. The stock maintained a consensus "Buy" rating, with several analysts raising their price targets. For instance, JPMorgan increased its price target to $360, and Citigroup raised its target to $365. Concurrently, institutional investors showed increased confidence, with Atreides Management LP, for example, acquiring a new stake of 104,385 shares valued at approximately $28.3 million in fiscal Q2 2026.

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Stock Movement Drivers

Fundamental Drivers

The 47.3% change in NTRA stock from 5/31/2026 to 9/13/2026 was primarily driven by a 37.8% change in the company's P/S Multiple.
(LTM values as of)53120269132026Change
Stock Price ($)223.37328.9347.3%
Change Contribution By: 
Total Revenues ($ Mil)2,5012,7078.2%
P/S Multiple12.617.437.8%
Shares Outstanding (Mil)142143-1.2%
Cumulative Contribution47.3%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/13/2026
ReturnCorrelation
NTRA47.3% 
Market (SPY)1.0%26.4%
Sector (XLV)10.6%17.1%

Fundamental Drivers

The 58.1% change in NTRA stock from 2/28/2026 to 9/13/2026 was primarily driven by a 39.5% change in the company's P/S Multiple.
(LTM values as of)22820269132026Change
Stock Price ($)208.04328.9358.1%
Change Contribution By: 
Total Revenues ($ Mil)2,3062,70717.4%
P/S Multiple12.517.439.5%
Shares Outstanding (Mil)138143-3.4%
Cumulative Contribution58.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/13/2026
ReturnCorrelation
NTRA58.1% 
Market (SPY)11.7%32.9%
Sector (XLV)3.6%33.0%

Fundamental Drivers

The 95.5% change in NTRA stock from 8/31/2025 to 9/13/2026 was primarily driven by a 49.0% change in the company's P/S Multiple.
(LTM values as of)83120259132026Change
Stock Price ($)168.25328.9395.5%
Change Contribution By: 
Total Revenues ($ Mil)1,9642,70737.8%
P/S Multiple11.717.449.0%
Shares Outstanding (Mil)136143-4.8%
Cumulative Contribution95.5%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/13/2026
ReturnCorrelation
NTRA95.5% 
Market (SPY)19.5%33.6%
Sector (XLV)21.9%28.8%

Fundamental Drivers

The 460.1% change in NTRA stock from 8/31/2023 to 9/13/2026 was primarily driven by a 190.8% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120239132026Change
Stock Price ($)58.73328.93460.1%
Change Contribution By: 
Total Revenues ($ Mil)9312,707190.8%
P/S Multiple7.217.4142.8%
Shares Outstanding (Mil)114143-20.7%
Cumulative Contribution460.1%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/13/2026
ReturnCorrelation
NTRA460.1% 
Market (SPY)75.7%43.3%
Sector (XLV)30.0%31.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
NTRA Return-6%-57%56%153%45%42%228%
Peers Return24%-40%-3%-1%41%24%27%
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%60% 
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 9/11/2026 (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

NTRA has outperformed 98% of its 108 Life Sciences Tools & Services peers over 5Y. Life Sciences Tools & Services ranks 8th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
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
87%
of 127 industry peers · 95.2% return
3Y
95%
of 117 industry peers · 525.2% return
5Y
98%
of 108 industry peers · 174.0% return
No Life Sciences Tools & Services peer with a comparable growth profile has beaten NTRA by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Life Sciences Tools & Services is NTRA's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 7 7.1%86.3%123.6% CAH 402% · MCK 343% · COR 175%
Managed Health Care 8 43.7%-1.3%8.2% OSCR 84% · HQY 57% · ELV 23%
Health Care Services 20 18.9%44.9%0.0% HIMS 218% · RDNT 172% · DGX 67%
Health Care Facilities 24 3.7%7.9%-14.2% NHC 276% · THC 268% · ENSG 122%
Health Care Equipment 50 -1.7%-5.5%-25.7% POCI 10800% · UFPT 331% · GKOS 234%
Health Care Supplies 12 20.8%-12.1%-37.9% LNTH 308% · HAE 51% · MMSI 21%
Pharmaceuticals 62 -7.4%7.7%-40.7% LQDA 2457% · INDV 1136% · ETON 1063%
Life Sciences Tools & Services ← 109 -1.4%-25.5%-71.2% SNWV 1573% · MEDP 224% · NTRA 174%
Health Care Technology 20 -31.7%-52.2%-78.5% SPOK 77% · HSTM 3% · VEEV -12%
Biotechnology 362 1.6%-24.8%-79.6% DNTH 1632% · CELZ 1272% · ELVN 1222%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

NTRAGHILMNLHDGXMYGNMedian
NameNatera Guardant.Illumina Labcorp Quest Di.Myriad G. 
Mkt Price328.93157.38206.45311.54235.023.42220.74
Mkt Cap47.120.931.225.526.10.325.8
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 Cap47.120.931.225.526.10.325.8
P/S17.417.76.91.82.30.44.6
P/Op Inc-162.7-44.534.915.616.0-3.66.0
P/EBIT-189.4-46.528.017.415.6-3.46.1
P/E-245.0-46.137.825.424.6-2.910.8
P/CFO206.5-112.928.515.513.742.122.0
Total Yield-0.4%-2.2%2.6%4.9%5.5%-34.7%1.1%
Dividend Yield0.0%0.0%0.0%0.9%1.4%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-0.00.00.00.30.20.30.1

Returns

NTRAGHILMNLHDGXMYGNMedian
NameNatera Guardant.Illumina Labcorp Quest Di.Myriad G. 
1M Rtn6.1%0.1%8.2%-1.9%0.3%12.9%3.2%
3M Rtn55.1%19.6%28.3%17.3%16.2%-21.0%18.4%
6M Rtn75.1%84.1%73.6%18.7%18.7%-26.6%46.1%
12M Rtn95.2%186.7%117.0%13.2%30.7%-52.8%63.0%
3Y Rtn525.2%411.6%41.2%57.4%95.7%-79.3%76.5%
1M Excs Rtn5.3%-3.5%8.2%-2.3%0.0%7.1%2.7%
3M Excs Rtn46.5%16.7%20.7%14.1%12.2%-29.7%15.4%
6M Excs Rtn58.1%72.6%63.9%4.3%3.2%-44.2%31.2%
12M Excs Rtn76.5%161.0%99.0%-1.9%15.5%-67.7%46.0%
3Y Excs Rtn395.7%286.3%-38.7%-14.8%24.6%-151.5%4.9%

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$328.93 
Market Cap ($ Bil)47.1 
First Trading Date07/02/2015 
Distance from 52W High-2.9% 
   50 Days200 Days
DMA Price$293.34$236.90
DMA Trendupup
Distance from DMA12.1%38.8%
 3M1YR
Volatility57.1%47.9%
Downside Capture14.05102.42
Upside Capture229.78162.09
Correlation (SPY)22.6%34.3%
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
NTRA94.2%47.8%1.53-
Sector ETF (XLV)22.1%16.2%1.0428.2%
Equity (SPY)18.3%12.8%1.0334.4%
Gold (GLD)19.0%29.2%0.5919.4%
Commodities (DBC)48.3%20.6%1.80-13.7%
Real Estate (VNQ)7.6%13.6%0.2915.6%
Bitcoin (BTCUSD)-32.4%43.8%-0.7720.4%

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
NTRA22.1%57.6%0.57-
Sector ETF (XLV)5.5%15.2%0.1831.6%
Equity (SPY)12.5%17.2%0.5542.3%
Gold (GLD)18.7%18.8%0.8113.4%
Commodities (DBC)11.4%19.5%0.4611.3%
Real Estate (VNQ)0.7%18.9%-0.0730.5%
Bitcoin (BTCUSD)9.4%52.6%0.3622.2%

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
NTRA42.2%61.0%0.83-
Sector ETF (XLV)10.4%16.7%0.5035.3%
Equity (SPY)15.2%17.9%0.7241.5%
Gold (GLD)12.3%16.3%0.629.9%
Commodities (DBC)8.7%18.1%0.3915.2%
Real Estate (VNQ)4.7%20.7%0.1931.6%
Bitcoin (BTCUSD)63.2%66.2%1.0315.4%

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

Investor Activity (13F)

Updated Sep 14, 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: 9/13/2026