Stanley Druckenmiller's largest position last quarter was Natera, a company that develops blood tests analyzing DNA for prenatal screening, organ transplant monitoring and cancer care. Natera processed over 1 million tests last quarter, up 22% from a year earlier, and revenue grew 37.7%; Druckenmiller added to his stake. The company is also working with Nvidia and Amazon to draw insights from its data using AI, which could aid precision medicine. However, the stock is up 250% over five years and trades at a price-to-sales ratio (P/S) of 21, well above its long-term average. The author notes that the last time Natera traded at this P/S level, it was followed by a 70% price drawdown, and suggests investors sit on the sidelines for now.
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