Stanley Druckenmiller has been one of the most successful investors, a billionaire with a long record of high returns in global macro investing. He’s now piling into Natera (NASDAQ:NTRA), Insmed (NASDAQ:INSM), and Teva Pharmaceutical (NYSE:TEVA). They’re worth looking into, as Druckenmiller has an exceptional record.
In 1977, Druckenmiller started his financial career as an oil analyst and management trainee at Pittsburgh National Bank.
Within about a year, he rose to become head of the bank’s equity research group, an early sign of his analytical skill and rapid advancement.
In 1981, he left the bank to found his own investment firm, Duquesne Capital Management, which would become the main vehicle for his investing career. Druckenmiller’s reputation grew as he balanced running Duquesne with consulting work for the Dreyfus Corporation. By 1986, he was named head of the Dreyfus Fund while still managing Duquesne. Two years later, George Soros hired Druckenmiller as the lead portfolio manager for the Quantum Fund and a key manager at Soros Fund Management.
There, he helped engineer the 1992 trade against the British pound, “breaking the Bank of England” and reportedly earning over $1 billion in profit.
From 1981 to the fund’s closing in 2010, Druckenmiller produced average annual returns of around 30% with no losing years at Duquesne. He returned all outside investor money and shifted to managing only his own fortune thereafter. That doesn’t mean all his trades are now secrets. You can still get a glimpse of the stocks he is buying through the Duquesne Family Office LLC.
Natera (NTRA)
Natera is a genetic testing company. It specializes in using cell-free DNA (cfDNA) to provide diagnostic tests like non-invasive prenatal tests. NTRA stock has historically been quite volatile, but it has been on a terrific run since late 2023.
NTRA stock is up over 500% since its trough in October 2023. This rally is only accelerating with time as revenue surpasses analyst expectations. Revenue rose 34.66% year-over-year in Q3 2025 and beat analyst estimates by 13.9%. The quarter before, revenue beat estimates by 14.63%. Management also increased full-year guidance to $2.18 billion to $2.26 billion. This came after a guidance increase in Q2 2025 as well. The initial Q1 guidance was $240 million lower at the midpoint.
Druckenmiller has been backing up the truck here. He started accumulating NTRA stock in Q3 2022, Q4 2022, and Q1 2023. Once the stock started breaking out in early 2024, he bought again for three consecutive quarters from Q1 2024 to Q3 2024.
Druckenmiller then took profits in Q1 2025 and Q2 2025 as NTRA stock plateaued and declined by ~20% on certain occasions. He bought again in Q3 2025, likely during the dip. In Q3, he increased his shares by 4.2%, meaning now NTRA is his largest holding.
The average buy price is estimated to be $88.5, with the current value of his holding at $741 million.
Insmed (INSM)
Insmed is a biopharmaceutical company that makes drugs for serious and rare diseases, with a priority on lung conditions. The main business is getting therapies through clinical trials and regulatory approval, then commercializing them. Their first product received FDA accelerated approval back in 2018, and they’ve since launched in Europe and Japan.
Insmed is entering what analysts describe as a “milestone-rich” period with over 30 preclinical programs, Phase 3 and 2b studies advancing, and regulatory submissions planned for Europe, the UK, and Japan for BRINSUPRI. This is likely where Druckenmiller’s bullishness comes from.
INSM stock has been comparatively even more bullish than NTRA. The stock was below $26 in May 2024 but has since surged to nearly $200. Plus, Revenue grew 52.36% YOY in Q3 2025.
Druckenmiller first bought Insmed stock back in Q2 2020, selling almost all his holdings the next quarter at a profit. He made the right call as INSM stock shortly topped out and fell again. INSM stock was trading lower from January 2021 through March 2023, and it was rangebound up until May 2024. This is the exact same quarter (Q2 2024) that Druckenmiller bought back in big. He paused buying in Q3 2024 but has been buying every single quarter since Q4 2024.
He increased his stake in INSM stock by 7.5% in Q3 2025. It constitutes 11.77% of his portfolio now, valued at $482 million in total. The average buy price is estimated to be $74.83.
Teva Pharmaceutical (TEVA)
Teva Pharmaceuticals is an Israeli company that specializes in generic medications. It is the world’s largest generic drug manufacturer and makes over 350 active pharmaceutical ingredients both for its own use and for sale to third-party manufacturers.
Teva is well-established and not a burgeoning pharma startup, but it has been posting stellar numbers. TEVA stock ended a 15-year uptrend in late 2015 after it spent over $40 billion in an acquisition and was dealing with the loss of patent protection on a blockbuster drug.
TEVA stock declined from over $70 in the summer of 2015 and bottomed out in 2019. It traded rangebound, ~$7 to $11, before sharply recovering since September 2023.
Druckenmiller’s record here has been exceptional, too. He took profit and sold his TEVA stake in Q2 2015, months before the stock entered a freefall. He has only started buying in Q3 2024 and has added to his holdings every quarter since. He likely expects a full recovery.
Teva Pharmaceuticals constitutes 9.81% of his portfolio now and is worth $402 million. His average buy price is estimated at $17.9.