Doximity Stock Soars On Analyst Upgrades: Retail Turns Confident

Shares of medical services provider Doximity ($DOCS) surged 34% on Friday after several analyst upgrades following strong quarterly results, lifting retail sentiment.

The company posted better-than-expected quarterly earnings on Thursday, beating Wall Street estimates on EPS and revenues, by 17.6% and 7.6% respectively.

On Friday, Leerink raised the firm's price target on Doximity to $60 from $35, while keeping a ‘market perform’ rating on the stock, The Fly reported. The firm noted that the totality of the quarterly results also put the company's incremental margin capture on display, adding it raised its price target to account for increased estimates and a "more robust" multiple on growth upside.

Wells Fargo analyst Stan Berenshteyn also upgraded Doximity to ‘equal weight’ from ‘underweight’ with a price target of $41, up from $19. According to the firm, fiscal Q3 could see persistence of the tailwinds seen in Q2, making it "difficult to build a case for underperformance."

Retail sentiment on the stock turned ‘extremely bullish’ (85/100) from ‘bearish’ (39/100) a day ago. While the message volumes were ‘extremely high’.

San Francisco-based Doximity is a provider of cloud-based software that allows medical professionals to collaborate with colleagues, coordinate patient care, and conduct virtual patient visits.

Stocktwits users were confident the stock would go up even higher.

https://stocktwits.com/Danelm/message/591753857

https://stocktwits.com/Wake44/message/591740844

DOCS stock has more than doubled in value this year.

For updates and corrections, email newsroom@stocktwits.com.

Share

·

Add us on