Michael Burkes Brophy, the Chief Financial Officer of Natera, Inc. (NASDAQ:NTRA), recently sold a significant portion of his holdings in the company. According to a recent filing, Brophy sold shares worth approximately $7.76 million. The transactions occurred over two days, with shares sold at prices ranging from $173.05 to $178.1893 per share. The sales come as Natera's stock trades near its 52-week high of $183, having delivered an impressive 153% return over the past year. According to InvestingPro analysis, the stock appears overvalued at current levels.
The sales were executed under a pre-arranged trading plan, which Brophy adopted on June 14, 2024. This plan allows company insiders to sell a predetermined number of shares at a specified time, providing a measure of compliance with insider trading regulations.
Following these transactions, Brophy now holds 70,629 shares of Natera's common stock. Additionally, the filing disclosed that Brophy received 12,720 restricted stock units, which will vest over the next four years. This move signals a strategic rebalancing of Brophy's investment in the company, aligning with common practices for executives managing their equity stakes.
In other recent news, Natera has been the focus of several noteworthy developments. Following positive clinical study results for its Signatera test, Canaccord Genuity maintained a Buy rating on Natera shares with a target of $180. The studies showcased the test's potential in detecting disease-free survival and overall survival benefits post-surgery. Additionally, Barclays (LON:BARC) initiated coverage on Natera shares with an Overweight rating and a $200 price target, citing the company's successful expansion into new markets and significant strides in the minimal residual disease (MRD) space.
Natera has also expanded its patent infringement litigation against NeoGenomics (NASDAQ:NEO) over the RaDaR assay, a test for molecular residual disease. The company's lawsuit now includes an additional patent, U.S. Patent No. 11,319,596, in addition to U.S. Patent No. 11,530,454. Furthermore, TD Cowen reiterated a Buy rating on Natera shares, raising the price target from $175 to $195, despite anticipated new competition in the MRD space in 2025.
In a recent corporate move, Natera announced an updated employment agreement with its Executive Chairman and Co-Founder, Dr. Matthew Rabinowitz. The new contract revises the terms of the prior agreement and includes changes to his base salary, annual cash bonus, and long-term equity awards. These updates provide a comprehensive view of Natera's recent developments and highlight the company's ongoing progress in the genetic testing field.
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