After doubling on its first day of trading and nearly doubling again in the next few months, shares of Doximity (NYSE: DOCS) have been on a steady march downward -- losing over 70% of its value from its all-time highs.

Doximity's stock was caught in the all-too-common trap of initial public offering (IPO) hype, followed by a year or more of turbulence as the business settled into being a public company. As gut-wrenching as this has been for early investors, the actual business behind the stock continues to look quite impressive.

This divergence between share price and operational performance leaves us wondering: Is now the time to buy Doximity at roughly 35% above its all-time lows? Let's explore.

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Source Fool.com