Natera Shares Soar Over 20% To All-Time High, Bolstering Co-Founder’s Billionaire Status
Natera shares rocketed Friday as the company reported a strong revenue beat.
Natera, a genomics powerhouse, experienced a surge in trading Friday after delivering a strong second-quarter earnings report and exceeding revenue expectations, propelling its stock to an all-time high and boosting co-founder Matthew Rabinowitz's net worth to at least $1.5 billion. The company's shares closed at $322.10, marking an increase of 21.3%.
Analysts attributed the surge to Natera's cancer-detecting blood test, Signatera, garnering "blowout volume" in the second quarter. The company reported $752.8 million in revenue, surpassing the estimated $673.9 million. Natera's market capitalization climbed to $46.1 billion following a July valuation of around $38 billion. Rabinowitz, who holds approximately 2.28 million shares valued at around $717 million, also possesses options and restricted stock units.
Since the beginning of the year, Natera shares have risen by 40.6%, from a price of around $228 to their current level. The company's lowest closing price this year was $182.65 in late March. Rabinowitz, a Stanford graduate and former chief executive of a location-services technology company, co-founded Natera in 2005 and served as its CEO for 14 years before becoming executive chairman.
His research, encompassing over 100 patents and publications on bioinformatics, machine learning, and genetic testing, earned him the IEEE's Scott Helt Memorial Award and the World Economic Forum's Technology Pioneer Award.
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