Stanley Druckenmiller's Duquesne Family Office held Natera (NTRA) as its largest position as of June 30, 2026, according to a Securities and Exchange Commission filing. The stake is valued at $865 million and represents 16.6 percent of the family office's total portfolio.
Natera shares have climbed over 37 percent since the beginning of 2026, compared to 13.9 percent for the S&P 500. Two developments drove the move.
In June, Natera secured regulatory approval in Japan for Signatera, its minimal residual disease testing product for colorectal cancer. The approval marked a significant expansion into a new geography for a test that detects cancer recurrence.
On Aug. 6, Natera reported robust second-quarter results. Revenue rose 37.7 percent year over year to $752.8 million from $546.6 million. Gross margins improved by more than 100 basis points, and the company is progressing toward profitability. Management raised full-year revenue guidance to $2.91 billion from $2.85 billion.
The company is also seeking regulatory approval for Signatera as a test for muscle-invasive bladder cancer, broadening its addressable market further.
Natera remains unprofitable and trades at 16 times sales—a premium to peer medical device stocks. That valuation has historically invited profit-taking when sentiment shifts.
Druckenmiller's conviction is clear: a $865 million position in a single stock signals he believes the market has underestimated Natera's long-term cash flow potential as the company scales toward profitability. The Japan approval and Q2 beat validate that thesis in the near term, but execution risk remains if the company cannot sustain its revenue growth rate or achieve the margin expansion it has guided to.
