Natera: Signatera Receives PMDA in Japan for Adjuvant CRC

研报英文原文证据摘录

Natera: Signatera Receives PMDA in Japan for Adjuvant CRC

Equity Research

U.S. Life Science & Diagnostic Tools

24 June 2026

Natera

Signatera Receives PMDA in Japan

for Adjuvant CRC

We note that this puts NTRA back on its previously NTRA OVERWEIGHT

POSITIVEcommunicated timeline of approval in 2Q and launch in late U.S.DiagnosticLife ScienceTools &

2026 vs. conference commentary of launch in '27. In our view, Price Target USD 260.00

this opportunity should come at an accelerated rate to Price (23-Jun-26) USD 234.76 Potential Upside/Downside +10.8%

Source: Bloomberg, Barclays ResearchSignatera volumes given the single payer dynamics in the

country and...

Luke Sergott

...physician familiarity with the test via the CIRCULATE and GALAXY trials. Immediate ASP accretion +1 212 526 9258

is also likely given the single-payer dynamics, in our view, but the magnitude will likely depend on luke.sergott@barclays.com

reimbursement/pricing negotiations. BCI, US

Salem SalemThe Japanese PMDA approval today to support Signatera use in the CRC adjuvant setting and

+1 212 526 3431

NTRA’s commitment to commercially launch in late 2026 comes in-line with commentary made

salem.salem@barclays.com

on the 1Q EPS call vs. some recent conference commentary that introduced 2027 as a potential BCI, US

launch date. Given this back and forth on commentary, we see this opportunity as likely more of

Anna Kruszenskia '27 tailwind that would potentially introduce some upside to volumes in 4Q'26 depending on

+1 212 526 0134

timing of pricing/reimbursement talks. NTRA has had line of sight to entering this market for

anna.kruszenski@barclays.com

some time, so we do not see why mgmt would not be ready for commercial launch immediately BCI, US

after pricing is in place.

Jacob Putman, CFA