Name: Solomon Moshkevich
New title: CEO, Natera
Previous title: President of clinical diagnostics, Natera
Solomon Moshkevich has been appointed CEO of Natera, a leading provider of molecular residual disease testing, effective immediately.
The 15-year company veteran previously was president of clinical diagnostics and helped lead the development, clinical validation and commercial success of Natera’s cell-free DNA tests, the company said Thursday. Those include Panorama for prenatal screening, Prospera for assessing donor organ rejection risk, and the Signatera MRD test to detect cancer recurrence.
Moshkevich, who also joins the board of directors, replaces Steve Chapman. In the company’s statement, Chapman said it was the right time for a transition.
“Solomon has been deeply involved with every major decision the company has made, and has my full support,” said Chapman, who will become a consultant to the company “for an extended period” as well as an adviser to the board.
The Austin, Texas-based company also released third-quarter financial results that included a 34.1% year-over-year revenue increase, to $794 million. Its shares, however, tumbled nearly 14% to $312.98 by midday Friday on the Nasdaq.
Analysts pointed to the unexpected CEO transition as the reason for the stock drop.
TD Cowen analyst Dan Brennan said Chapman was known for overseeing an “extremely strong” and consistent performance at Natera during his more than seven years as CEO. “While the departure itself is a key event for the market to digest, the immediacy of the move further created some initial angst from investors,” Brennan said in a note to clients.
Moshkevich’s long and varied tenure suggests he is prepared to continue Natera’s momentum, analysts said.
“While we believe the CEO change is unexpected, the company is promoting a long-standing executive, who should provide some continuity,” BNP Paribas Equity Research analyst Navann Ty wrote to clients.
Moshkevich built and led teams including global marketing, product management, medical and scientific affairs, commercial operations, clinical trial operations, business development, regulatory and quality affairs, and portfolio strategy, Natera said. As the first general manager of oncology, he played a key role in the company’s expansion into oncology.
“We think Mr. Moshkevich's experience should provide him with the tools to succeed in this role,” Canaccord Genuity analyst Kyle Mikson said in a note.
Natera is working to enable earlier, more targeted interventions for patients who need them and spare unnecessary treatment for those who don’t, said Moshkevich.
“In the years ahead, we intend to generate more diagnostic insights from every clinical sample, bring novel technologies to new patient populations, integrate more seamlessly at the point of care, and help shape the next frontier of precision medicine,” the new CEO said.
