Steven Leonard Chapman, President and Chief Executive Officer of Natera, sold a total of 89,324 shares of the company's common stock on February 2 and 3, 2026, according to a Form 4 filing with the U.S. Securities and Exchange Commission. The aggregate proceeds from those sales are reported to be approximately $20.7 million.
The price per share on the executed trades ranged from $229.0846 to $234.00, materially above the company’s then-current price cited at $205.61. The filing lists the specific tranches sold on February 2 as: 6,631 shares at a weighted average price of $229.0846; 41,847 shares at $230.0274; 20,079 shares at $230.9464; 9,197 shares at $232.4067; 7,445 shares at $233.3118; and 100 shares at $234.00. On February 3, Chapman sold an additional 4,725 shares at $230.7680.
Following these transactions, the filing shows Chapman directly owns 123,156 shares of Natera. The trades were carried out pursuant to a pre-arranged Rule 10b5-1 trading plan that Chapman adopted on December 11, 2023, and later amended on December 2, 2024, as disclosed in the Form 4.
Market commentary included in the filing references InvestingPro’s view that Natera stock has experienced significant volatility and appears overvalued relative to its Fair Value estimate. The sales were publicly disclosed through the standard SEC reporting channel, providing transparency on the timing and structure of the disposition.
Separately, Natera released preliminary fourth-quarter 2025 operating metrics that point to substantial top-line momentum. The company reported expected revenue growth of nearly 40% year-over-year for the period and test volume growth of about 17% in the quarter. Those results, presented as preliminary, have underpinned continued analyst support, with Canaccord Genuity maintaining a Buy rating and a price target of $285.00 on the shares.
On the regulatory and clinical front, Natera has submitted a premarket approval application to the U.S. Food and Drug Administration for its Signatera CDx test, a diagnostic intended to detect molecular residual disease in patients with muscle-invasive bladder cancer. The submission is supported by data from the phase 3 IMvigor011 clinical trial, as reported by the company.
In transplant diagnostics, Natera completed enrollment in the ACES-EMB trial, which is intended to assess whether its Prospera Heart test can supplant routine invasive biopsies for heart transplant recipients. The trial enrolled more than 300 patients across 17 U.S. transplant centers, according to the company’s disclosure.
Alongside its clinical programs, Natera announced the development of a new multi-modal artificial intelligence model designed to enhance cancer recurrence risk assessment when used with its Signatera MRD test. The company also plans to present data from its EXPAND clinical trial on fetal genetic screening at the Society for Maternal-Fetal Medicine meeting scheduled for February 2026.
These developments present a mix of corporate actions: an insider sale executed under an established trading plan, and a sequence of clinical and regulatory milestones that the company says support its growth narrative. The Form 4 disclosure offers investors clarity on the mechanics and timing of the disposition while the company’s reported operational metrics and program progress provide context for ongoing valuation and analyst coverage.
Investors and market participants will likely monitor forthcoming updates to the FDA review process for Signatera CDx, outcomes from the Prospera Heart ACES-EMB study, and the formal release of audited fourth-quarter results for 2025 to reconcile preliminary performance metrics with finalized financials and to assess trajectory into 2026.