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Strong software demand from medical professionals can help Doximity forge a strong path ahead despite any macroeconomic concerns, according to BTIG. The investment bank upgraded the San Francisco-based company to buy from neutral on Monday, giving the stock a 12-month price target of $80, implying nearly 54% upside from Friday’s $52.09 close. Despite broader macroeconomic headwinds lingering over the biopharmaceutical sector, analyst David Larsen says demand for the Doximity’s software will remain strong. “Our view is that although there is macro uncertainty with respect to the bio-pharma industry, including the risk of tariffs, ongoing drug pricing reform, the Inflation Reduction Act (IRA) and Medicare Rate pressures, we believe that demand for high-quality, precise, [software as a service] commercialization efforts will continue to rise,” Larsen said. DOCS YTD mountain Doximity stock in 2025. The analyst also said the market may be overstating macroeconomic concerns, especially those tied to President Donald Trump’s tariffs. “While shares of DOCS have pulled back from ~$83 to ~$52 on F2026 guidance and worries around tariffs, drug pricing reform and macro headwinds, our view is that many of these concerns are overdone. We believe that the most-favored-nation order will not be broadly implemented,” the analyst said. He also pointed to stronger-than-expected fourth-quarter results in May, a strong balance sheet and innovations like Doximity’s self-service portal, as examples of how the company is well positioned to ride out any headwinds ahead. Shares have slipped more than 2% so far in 2025, but have soared 88% over the past year.
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