Natera CEO Steven Chapman Sells $39.5M in NTRA Stock — Six Insiders Unload $76.9M Combined

Six Natera insiders sold a combined $76.9 million in NTRA stock during late January and early February 2026, making it one of the largest coordinated insider selling events in the biotech sector this year. CEO Steven Chapman led with $39.5 million — bringing his career insider sales to an extraordinary $217 million.

$76.9M Across Six Insiders

Insider	Title	Transactions	Value	Career Sales	Shares After
Steven Chapman	CEO & President	11	$39.45M	$217.0M	123,156
Michael Brophy	Chief Financial Officer	11	$17.41M	$79.2M	52,120
Solomon Moshkevich	Pres., Clinical Diagnostics	11	$7.12M	$29.9M	137,847
John Fesko	President, Chief Biz Officer	6	$5.50M	$11.9M	175,540
Daniel Rabinowitz	Sec. & Chief Legal Officer	5	$5.38M	$27.8M	223,813
Jonathan Sheena	Co-Founder	14	$2.02M	$88.6M	21,782
Total: 6 insiders, 58 transactions			$76.88M	$454M

CEO Chapman: $217M Career Seller

Steven Chapman's $217 million in career insider sales places him among the most prolific insider sellers in all of biotech. His latest $39.5M sale across 11 transactions at $230-$234 per share was methodical — executed over multiple days in early February.

Chapman retains 123,156 shares worth approximately $28 million. For perspective, he's sold nearly 8x the value of his current position over his career. The CEO's ongoing liquidation pattern has been consistent across NTRA's rise from a niche prenatal testing company to a $16 billion market cap genomics leader.

CFO Brophy: $79.2M in Career Sales

CFO Michael Brophy mirrored the CEO with 11 transactions totaling $17.41M. His $79.2M in career sales is remarkable for a CFO, and his remaining 52,120 shares (~$12M) means he's sold over 6x his current holdings. The finance chief's aggressive monetization adds weight to the bearish interpretation.

Co-Founder Sheena: $88.6M Sold, 21,782 Shares Left

Co-founder Jonathan Sheena has sold $88.6 million in NTRA stock and retains just 21,782 shares (~$5M). His 14 transactions for $2.02M in this round represent one of his smaller recent selling windows, but the career context is unmistakable — the co-founder's remaining position is a small fraction of what he's monetized.

Collective Career: $454 Million Sold

Together, these six insiders have sold $454 million in Natera stock. That's roughly 3% of the company's entire current market capitalization — monetized from insider positions alone. The scale of cumulative selling is extraordinary even by high-growth biotech standards.

• 58 total transactions in a ~2 week window
• $76.9M combined — largest biotech insider sell of early 2026
• CEO at $217M career — relentless, consistent selling
• All sold at $225-$234 — tight range near recent highs
• $454M cumulative — these six have sold half a billion in NTRA

For NTRA investors, the ongoing pattern is clear: Natera's leadership has been systematically converting stock into cash at every opportunity. The $76.9M February sell isn't unusual for this group — it's routine. And that consistency may be the most telling signal of all.