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.