We recently published a list of 10 Biggest Gainers of Last Week. In this article, we are going to take a look at where Doximity Inc. (NYSE:DOCS) stands against other biggest gainers of last week.
Investors gobbled up shares of predominantly technology companies last week, following announcements of multi-billion dollars of investments, quantum technology backing, and new contracts, among others. Let’s take a look at last week’s Top 10 Gainers and explore the reasons behind their impressive performance.
To come up with the biggest winners of last week, we considered only the stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.
A pathologist and a laboratory assistant in a laboratory researching medical news and data.
Doximity Inc. (NYSE:DOCS)
Shares of Doximity finished Friday’s trading up by 10.79 percent from Monday’s close of $52.2 apiece, bucking news that the company earned the attention of a shareholder law firm investigating its potential claims against its business prospects and financial performance.
Investors snapped up the company’s shares after earning the “top pick” rating in the healthcare sector from ClearBridge Investments.
In a letter to investors, ClearBridge acknowledged Doximity’s history of consistent execution, saying that while it stumbled last year in effectively communicating realistic guidance and outlooks, “it appears that management has regained investors’ trust through several quarters of solid execution.”
In addition, Doximity announced in its recent State of Telemedicine Report that 83 percent of medical professionals based in the US still prefer having virtual care be a permanent part of their clinical practice—a widespread support that could play a key role in driving the company’s future growth.
Overall, DOCS ranks 10th on our list of biggest gainers of last week. While we acknowledge the potential of DOCS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than DOCS but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.