Wells Fargo Lowers Doximity Price Target Amid Regulatory Pressures
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 07 2024
0mins
Should l Buy DOCS?
Source: Benzinga
Doximity Inc. shares fell 24.13% and hit a 52-week low amid concerns over regulatory pressures and client budget uncertainties.
Wells Fargo has lowered Doximity's price target from $55 to $45 while maintaining an 'Overweight' rating, reflecting a cautious outlook on the company's future performance amid reduced upfront commitments from pharmaceutical clients. Doximity expects Q4 revenue to range between $143 million and $144 million, a significant drop from $185.1 million reported in Q3, indicating pressures from slowed market growth and elongated sales cycles that could impact investor confidence.
The significant drop in Doximity's stock price highlights the market's reaction to the company's cautious guidance and the ongoing uncertainties in the healthcare sector, which may affect its future growth potential.
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Analyst Views on DOCS
Wall Street analysts forecast DOCS stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for DOCS is 62.75 USD with a low forecast of 50.00 USD and a high forecast of 82.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
15 Analyst Rating
10 Buy
4 Hold
1 Sell
Moderate Buy
Current: 33.320
Low
50.00
Averages
62.75
High
82.00
Current: 33.320
Low
50.00
Averages
62.75
High
82.00
About DOCS
Doximity, Inc. provides a digital platform for the United States medical professionals. It offers marketing, hiring, and workflow solutions to pharmaceutical manufacturers, health systems, medical recruiting firms, and other healthcare companies. Its marketing solutions enable its pharmaceutical and health system customers to get the right content, services, and peer connections to the right medical professionals through a variety of modules. Its hiring solutions provide digital recruiting capabilities to health systems and medical recruiting firms, enabling them to identify, connect with, and hire from its network of both active and passive medical professional candidates, who might otherwise be missed through traditional recruiting channels. Its workflow solutions include its telehealth, on-call scheduling, and AI-powered workflow tools, are designed to help clinicians streamline their clinical workflow, reduce their administrative burden, and connect with patients and colleagues.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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