Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, saw its shares plunge to a new 52‑week low on Friday, December 5, 2025, despite having recently delivered another quarter of double‑digit growth and earnings beats. [1]
This article pulls together the latest publicly available news, analyst forecasts and institutional moves through December 5, 2025, to give a comprehensive snapshot of where Doximity stock stands now and what may drive it next.
Key takeaways
- DOCS closed at $45.93 on December 5, 2025, down about 10% on the day and setting a fresh 52‑week low at an intraday low of $45.29. [2]
- The stock now trades around 46–47% below its 52‑week high of roughly $85 reached in February 2025 and has fallen about 17% over the past 12 months. [3]
- Fundamentally, Doximity just reported Q2 FY2026 revenue of roughly $168–169 million (23%+ year‑on‑year growth) and non‑GAAP EPS of $0.45, beating Wall Street estimates on both revenue and earnings. [4]
- For the current quarter (ending December 31, 2025), management guided revenue to $180–181 million and raised full‑year FY2026 revenue guidance to $640–646 million, slightly above prior Street expectations. [5]
- Across multiple data providers, analysts maintain a consensus “Buy” rating with an average 12‑month price target clustered around $68 per share, implying substantial upside from current levels – albeit with growing disagreement among analysts after recent volatility. [6]
Doximity stock today: steep sell‑off to a new 52‑week low
As of the close on Friday, December 5, 2025, Doximity stock finished at $45.93, down more than 10% for the session. The shares traded between $51.40 and $45.29 during the day on unusually heavy volume of nearly 7 million shares. [7]
Recent price‑history data show:
- 52‑week high: about $85.21 on February 10, 2025
- New 52‑week low: about $45.29 on December 5, 2025
- Latest close:$45.93 on December 5, 2025 [8]
A same‑day report from Investing.com highlighted that Doximity’s stock has declined roughly 17–18% over the past 12 months and now sits about 46% below its 52‑week high, with some valuation models on that platform suggesting the shares may be trading below their “fair value.” [9]
In other words, the market has aggressively repriced DOCS in a short period, even though the company continues to post strong growth and profitability.
What does Doximity actually do?
Doximity operates a specialized professional network and workflow platform for clinicians, often compared to a “LinkedIn plus telehealth” for doctors.
According to the company and recent press materials:
- Doximity’s network includes over 80% of U.S. physicians and roughly 50% of nurse practitioners and physician assistants as verified members. [10]
- The platform offers secure messaging, telehealth (Doximity Dialer), virtual visits, curated medical news, AI‑assisted tools and workflow utilities tailored to clinical practice. [11]
- Doximity’s telehealth video solution has been ranked #1 “Best in KLAS” for Telehealth Video Platforms for multiple consecutive years, underscoring its strong position in healthcare IT. [12]
This deep penetration among U.S. clinicians and a high‑margin software model are key reasons why Doximity historically commanded a premium valuation – and why many analysts still see long‑term growth potential, despite the current pullback.
Earnings recap: Doximity keeps beating, even as the stock falls
Doximity reported fiscal Q2 2026 results (quarter ended September 2025) on November 6, 2025, and the numbers were objectively strong:
- Revenue: about $168.5–169 million, up roughly 23% year over year
- GAAP net income: about $62 million, up significantly from around $44 million a year ago
- GAAP EPS:$0.31, compared with $0.22 in the prior‑year quarter
- Adjusted / non‑GAAP EPS: around $0.45, versus consensus estimates near $0.38, an earnings surprise of about 18%
- Adjusted EBITDA margin: close to 60%, with free cash flow up roughly 37% year on year [13]
Zacks and other outlets summarized the quarter as a clear earnings and revenue beat, with revenue about 6–7% above consensus and EPS significantly ahead of expectations. [14]
Yet, several news reports noted that DOCS shares traded lower despite the beat, as investors fixated on guidance and macro worries rather than backward‑looking numbers. [15]
Guidance and near‑term expectations
Looking ahead, management issued guidance that is solid but not explosive by high‑growth software standards.
For fiscal Q3 2026 (quarter ending December 31, 2025), Doximity expects: [16]
- Revenue:$180–181 million
- At the midpoint, this is only slightly below one cited analyst consensus of about $180.7 million, essentially “in line” but not a big raise.
More importantly, the company raised full‑year FY2026 revenue guidance to:
- $640–646 million, compared with a prior Street consensus around $635 million
On earnings, Zacks currently lists a consensus EPS estimate of $0.44 for the quarter ending December 2025, and its model expects a slight miss versus that figure, though the difference is marginal in percentage terms. [17]
So the message is mixed:
- Top‑line growth and profitability remain strong,
- But guidance is no longer massively above expectations, feeding a narrative that Doximity’s growth is normalizing rather than re‑accelerating.
Why has DOCS sold off so hard?
The December 5 plunge and the broader autumn slide did not happen in a vacuum. Several factors have been highlighted in recent commentary:
- Valuation and “too far, too fast” concerns
- A mid‑November analysis from Simply Wall St. noted that Doximity’s share price had fallen roughly 26% in a single month, after previously running up strongly, and suggested the stock “may have run too fast too soon.” [18]
- Earlier in November, a Canaccord Genuity note – described as “pessimistic” by MarketBeat – highlighted that Doximity was still trading at a price/earnings multiple above 50x and a P/E/G ratio over 4, even after some weakness, implying a rich valuation versus growth expectations. [19]
- JPMorgan downgrade on digital pharma ad uncertainty
- In October, JPMorgan downgraded Doximity from “Neutral” to “Underweight”, maintaining a $62 price target but citing valuation concerns and uncertainty around digital pharmaceutical advertising trends – a key revenue driver for DOCS. The downgrade triggered a single‑day drop of more than 9%. [20]
- Post‑earnings sentiment whiplash
- While Doximity’s Q2 FY2026 earnings beat expectations, several write‑ups emphasized investor anxiety around future guidance and macro conditions, particularly pharma marketing budgets and broader risk‑off sentiment in high‑multiple software names. [21]
- Hitting new lows despite solid operations
- On December 5, multiple versions of an Investing.com article reported that Doximity hit a new 52‑week low around $45.9, with the stock now roughly 17.5% lower over the past year and 46% below its 52‑week high, even as the company continues to beat on earnings. [22]
Taken together, the recent sell‑off appears to be driven less by a collapse in fundamentals and more by multiple compression, macro fear and lingering skepticism about how durable Doximity’s growth and pharma‑ad demand will be.
What are analysts forecasting for DOCS now?
Despite the volatility, most Wall Street analysts remain positive on Doximity, though the tone has clearly become more nuanced.
Across several major data providers as of early December 2025:
- MarketBeat reports that 21 analysts covering DOCS have an average 12‑month price target around $68.22, with a high of $90 and a low of $55, implying roughly 45–50% upside from the current price. [23]
- StockAnalysis.com lists a similar average target of $68.05 from 20 analysts, again pointing to nearly 48% upside. [24]
- Investing.com’s consensus from 19 analysts shows an average target near $68.5, with a high estimate of $83 and a low of $55, and categorizes the stock as a “Buy” with 10 Buy, 7 Hold and 2 Sell ratings. [25]
- Benzinga’s compilation indicates a consensus target around $68.24 from 22 analysts, with the highest target of $90 (from Leerink Partners earlier in 2025) and the lowest at $55 (from BMO Capital in mid‑November 2025). [26]
- Zacks’ price‑target page (where visible) and Public.com’s forecast also center around $68–69 per share with an overall “Buy” consensus. [27]
In short:
Consensus sell‑side opinion still sees DOCS as undervalued after the pullback, but the range of targets ($55–$90) and the presence of both “Sell” and “Strong Buy” ratings show that conviction is no longer one‑sided.
Institutional flows: HSBC trims, quant fund buys
Institutional activity around Doximity has been active in recent months, adding another layer to the story:
- HSBC Holdings PLC disclosed that it reduced its Doximity position by about 27.5% in Q2, selling nearly 39,000 shares. It now owns roughly 102,000 shares (about 0.05% of the company), valued at around $6.2 million at the time of filing. [28]
- A separate filing showed Capital Fund Management S.A., a quantitative investment firm, initiating a new position of roughly 43,000 shares valued at about $2.65 million, signaling that some funds see opportunity at current or recent price levels. [29]
Meanwhile, earlier research from Investor’s Business Daily throughout 2025 highlighted that the number of mutual funds owning DOCS had been increasing, reflecting growing institutional interest in the name, though the latest precise count is not yet reflected in December filings. [30]
Overall, the data point to a churn in the shareholder base rather than a wholesale exodus: some large holders are taking profits or reducing exposure, while others are entering or adding on weakness.
Long‑term fundamentals: a rare scaled network in healthcare
From a fundamental perspective, Doximity still enjoys several structural advantages that underpin the bullish long‑term thesis:
- Scale & network effects: Doximity is the largest online professional network for U.S. clinicians, with more than 80% of U.S. physicians using the platform – a level of penetration that would be extremely difficult for a new entrant to replicate. [31]
- High‑margin software model: The business is built around software and digital services (advertising, workflow tools, telehealth) rather than capital‑intensive infrastructure, supporting robust margins – as evidenced by its ~60% adjusted EBITDA margin in the latest quarter. [32]
- AI and workflow adoption: Recent coverage has emphasized Doximity’s growing use of AI tools for clinical and administrative workflows, with millions of AI‑assisted prompts and strong uptick in telehealth usage noted in prior earnings and industry reports. [33]
- Strong balance sheet: Doximity’s FY2024 10‑K showed substantial profitability, positive free cash flow and a solid asset base relative to liabilities, giving the company room to invest through cycles. [34]
These factors underpin why many analysts are comfortable recommending DOCS at a discount to prior highs, especially now that the valuation has compressed sharply from the early‑2025 peak.
Key risks and bear arguments
On the other side, recent downgrades and cautious notes highlight several real risks:
- Slowing or normalized growth
- While 20%+ growth is impressive, some analysts argue that Doximity’s growth trajectory is settling into a slower, more mature phase, making past premium multiples harder to justify. Guidance that is merely “in line” reinforces this concern. [35]
- Dependence on pharma advertising and marketing budgets
- A sizable portion of Doximity’s revenue is linked to pharmaceutical marketing and digital advertising, which can be cyclical and sensitive to regulatory or macro changes. JPMorgan’s downgrade specifically cited uncertainty around digital pharma ad trends. [36]
- High (though falling) valuation multiples
- Even after the recent sell‑off, DOCS has until recently traded at elevated P/E and P/E/G ratios compared to many software and healthcare peers. If growth decelerates further, markets could continue to compress the multiple. [37]
- Execution and competition risk
- While Doximity’s network is dominant today, management must continue innovating in telehealth, workflow tools and AI to keep clinicians engaged and advertisers interested. Large tech or health IT players could target overlapping markets in the future.
How investors may interpret the setup as of December 5, 2025
Putting everything together, here’s how the current setup can be viewed:
The bullish case
A bullish investor might argue that:
- The core franchise is intact: Doximity still connects the vast majority of U.S. physicians and is entrenched in daily clinical workflows. [38]
- The company continues to beat earnings and revenue expectations, with high margins and strong free cash flow. [39]
- After a drop of nearly half from its 52‑week high, valuation looks far more reasonable, while consensus analyst targets imply 40–50% upside from the current price around $46. [40]
- Some institutions (e.g., Capital Fund Management) are initiating positions at these levels, and Raymond James recently upgraded the stock to “Strong Buy” while calling the post‑earnings sell‑off a “significant dislocation” in valuation. [41]
The bearish (or cautious) case
A more cautious or bearish investor might counter that:
- Multiple compression may not be over if growth slows further or guidance underwhelms again.
- Heavy reliance on pharma advertising and a still‑premium earnings multiple leave DOCS exposed if budgets tighten or regulators clamp down. [42]
- Recent downgrades and target cuts suggest the Street’s confidence has cooled, even if the official rating still says “Buy.”
Bottom line
As of December 5, 2025, Doximity is a classic “strong company, weak stock” story:
- Operationally, the business continues to deliver impressive growth, profitability and cash generation.
- Strategically, it retains a unique network and brand among U.S. clinicians.
- But the stock has been hit hard by valuation resets, guidance anxiety and broader risk‑off sentiment, pushing shares to new 52‑week lows despite consensus forecasts that still see meaningful upside.
For investors watching DOCS, the key questions now are:
- Will Doximity’s growth and margins stay robust enough to justify even a reduced premium multiple?
- Are current levels around the mid‑$40s a value opportunity, or a value trap if growth slows faster than expected?
Important note
This article is for informational and educational purposes only and reflects publicly available data through December 5, 2025. It is not investment advice or a recommendation to buy or sell any security. Always consider your own financial situation, risk tolerance and investment objectives, and consider consulting a licensed financial professional before making investment decisions.
References
1. press.doximity.com, 2. stockanalysis.com, 3. www.financecharts.com, 4. www.nasdaq.com, 5. www.investing.com, 6. www.marketbeat.com, 7. stockanalysis.com, 8. www.financecharts.com, 9. za.investing.com, 10. www.doximity.com, 11. press.doximity.com, 12. investors.doximity.com, 13. www.nasdaq.com, 14. www.zacks.com, 15. finance.yahoo.com, 16. www.investing.com, 17. www.zacks.com, 18. simplywall.st, 19. www.marketbeat.com, 20. www.tikr.com, 21. www.investing.com, 22. za.investing.com, 23. www.marketbeat.com, 24. stockanalysis.com, 25. www.investing.com, 26. www.benzinga.com, 27. www.zacks.com, 28. www.marketbeat.com, 29. www.marketbeat.com, 30. www.investors.com, 31. www.doximity.com, 32. www.investing.com, 33. www.investopedia.com, 34. en.wikipedia.org, 35. www.investing.com, 36. www.tikr.com, 37. www.marketbeat.com, 38. www.doximity.com, 39. www.nasdaq.com, 40. www.financecharts.com, 41. www.marketbeat.com, 42. www.tikr.com
