Billionaire Stanley Druckenmiller Has Roughly 17% of His $5.2 Billion Duquesne Portfolio in Natera Stock. Is It Still a Buy After an 80% Run?
Key Points
Natera ranks as the top holding in Druckenmiller's Duquesne Family Office portfolio.
The diagnostics company continues to generate strong growth, especially in oncology testing.
However, Natera's valuation is steep after its impressive gains.
Some investors throw money at lots of stocks and hope that enough become winners to offset the inevitable losers. That isn't the approach Stanley Druckenmiller takes. The billionaire only invests in high-conviction stocks after a thorough analysis.
Druckenmiller's Duquesne Family Office currently owns 90 stocks. But 16.6% of the portfolio is invested in only one stock -- Natera (NASDAQ: NTRA). This genomics stock has skyrocketed roughly 80% since its year-to-date low on May 15, 2026. Is Natera still a buy?
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Stanley Druckenmiller. Image source: Getty Images.
Behind Druckenmiller's big bet on Natera
Druckenmiller first initiated a position in Natera in the third quarter of 2022. He has added more shares than he's sold since then, most recently increasing his family office's position in the company by 4% in the second quarter of 2026.
Natera's Q2 update earlier this month underscored why the billionaire likes this stock so much. The company's revenue jumped 37.7% year over year to $752.8 million. Natera processed more than 1.04 million tests in Q2, up 22.4% from the prior year period.
The big growth driver for Natera is oncology. The company handled around 238,000 molecular residual disease (MRD) oncology tests in Q2, a 56% year-over-year increase. This also reflected Natera's largest sequential increase so far.
Much of this growth is due to Signatera, a personalized blood test that detects circulating tumor DNA from tumor cells. In May 2026, Signatera became the first companion diagnostic for blood-based MRD detection of bladder cancer approved in the U.S.
More growth should be on the way. Natera won Japanese regulatory approval of Signatera in colorectal cancer testing in June. In July, the company secured the first European Union In Vitro Diagnostic Regulation (IVDR) certification for a personalized MRD test for solid tumors. Natera also is moving forward with plans to file for Japanese approval of Signatera as a companion diagnostic in muscle-invasive bladder cancer.
To buy or not to buy?
No one should buy a stock solely because a billionaire investor bought it, even when that investor has been as successful as Druckenmiller. Importantly, Druckenmiller accumulated most of his position in Natera at a discount to today's price.
Valuation is the main knock against the stock. Natera remains unprofitable, so earnings-based valuation metrics aren't relevant. However, the stock trades at roughly 17 times trailing 12-month sales -- a steep multiple no matter how you look at it.
However, Natera continues to generate strong growth. I think the stock could be a winner for long-term investors, but the easy money has already been made.
Keith Speights has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Natera. The Motley Fool has a disclosure policy.