Here's Why Doximity Stock Is Down Today

Shares of Doximity (NYSE: DOCS) are falling in response to the third-quarter earnings release the company issued after the market closed yesterday. The stock market looked right past its positive results and focused on the impending expiration of a 180-day lock-up agreement coming on Friday. Investors worried that insiders will dump their shares have beaten Doximity stock 11.9% lower as of 11:29 a.m. EST on Wednesday.

Shares of Doximity, a social media site for medical professionals only, soared after their initial public offering (IPO) this June, but inside investors who have the most to gain haven't been allowed to sell any of their shares yet. The stock is falling today because, in spite of sparkling third-quarter earnings results, the company told investors its 180-day lock-up agreement expires this Friday.

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Source Fool.com