UPDATE: Goldman Sachs Starts Natera (NTRA) at Buy
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Goldman Sachs analyst Matthew Sykes initiates coverage on Natera (NASDAQ: NTRA) with a Buy rating and a price target of $90.00.
The analyst comments "We initiate on NTRA with a Buy rating and $90 price target. NTRA is a market leader in cell-free DNA (cfDNA) detection technology for blood-based liquid biopsy (LBx) tests. NTRA started in women's reproductive health, and last year expanded this tech into oncology and organ transplant. 3 key points support our positive view: 1) Strong established women's health business: NTRA's women's health business was established two decades ago, and has grown its position from the 4th NIPT market entrant as of 2013, to the market leader today with >40% share. The company now offers 11 unique women's health products. NTRA's success in women's health with IVF clinics and OB/GYNs allows it to drop new tests into already strong commercial channel. 2) Technology platform: in 2020 NTRA launched successful new products using its cfDNA technology in oncology and organ transplant. NTRA established a market leading presence in women's health through its strong DNA technology innovation and accuracy. NTRA's unique combination of molecular biology with bioinformatic algorithms allows it to achieve single molecule accuracy in a tube of blood. The company is now applying its successful tech and culture of innovation to the fields of oncology and organ transplant health. The company believes they have the most published data across cfDNA applications, with more than 3mn tests performed, more than 300 tech patents filed, and more than 100 issued. 3) Oncology opportunity: NTRA has entered the high growth and high TAM oncology liquid biopsy (LBx) space, with plans to continue on to develop a test in early cancer detection and therapy selection. We see NTRA's greatest long-term opportunity in the oncology LBx total TAM >$50B with early detection ($30B), MRD ($15B), and therapy selection ($6B)."
Shares of Natera closed at $52.53 yesterday.
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