Why Doximity Stock Slumped 15% in March
Shares of telemedicine stock Doximity (NASDAQ: DOCS) dropped 15% last month due to market forces that weighed down on growth stocks. There wasn't any major news on the company, but the stock couldn't fight the tide that resulted in very similar charts for its telehealth peers.
Doximity had a huge February after delivering a great quarterly earnings report. Investor risk appetite declined in early March due to geopolitical fallout from the war in Ukraine, paired with anticipation of drastic rate hikes from the Federal Reserve in response to high inflation.
Doximity is a tech platform for physicians that helps them work much more efficiently. It allows them to communicate directly with patients, collaborate with colleagues, review research, and manage patient data in compliance with regulations. It has tremendous market acceptance, with nearly 80% of doctors and 50% of nurse practitioners and physician's assistants as verified members on the Doximity platform.
Source Fool.com
