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Why Doximity Plunged Nearly 13% Today

TheMotleyFool

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Why Doximity Plunged Nearly 13% TodayPhoto, wide shot, wide-angle lens, Medical device manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/3a7f6312-1eee-4702-9005-93cc1e62f970.png

Shares of the social networking site for medical professionals Doximity (NYSE: DOCS) tumbled to the tune of 12.8% on Thursday, mostly in response to a downgrade from J.P. Morgan. Analyst Jackson Ader fears the big 250% run-up from its June IPO price of $26 per share has run its course, and then some.

Don't sweat it if you haven't heard of Doximity; most people haven't. The obscurely focused networking website catering to the medical community has only been a publicly traded enterprise for a couple of months, and went public in the midst of plenty of other noise.

But what a couple of months it's been! Shares bolted higher on their first day of trading and never really looked back.

Source Fool.com

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