Doximity (DOCS) Fell as Guidance Fell Short of Expectations

Core Insights - The U.S. equity markets in Q4 2025 were influenced by optimism regarding potential monetary easing and caution related to economic growth and valuations [1] - The Meridian Growth Fund reported a quarterly return of -0.39%, underperforming the Russell 2500 Growth Index which returned 0.33% [1] - The fund is focusing on high-quality businesses with strong competitive advantages and sustainable earnings growth as it approaches 2026 [1] Market Performance - Large-cap stocks rose 17.4% for the year and 2.4% in the quarter, while small-cap stocks gained 12.8% for the year and 2.2% in the quarter [1] - Value stocks outperformed growth stocks, returning 3.3% compared to 1.2% for the quarter [1] Company Focus: Doximity, Inc. - Doximity, Inc. is highlighted as a leading detractor for the Meridian Growth Fund, with shares trading between $39.50 and $85.21 over the past 52 weeks [2] - As of January 26, 2026, Doximity's stock closed at $40.40, reflecting a one-month return of -9.38% and a three-month decline of 39.23% [2] - Doximity operates a cloud-based platform for medical professionals, reaching approximately 80% of U.S. physicians, and serves as an advertising channel for pharmaceutical companies [3] - Despite solid quarterly results, Doximity's shares declined due to guidance that fell short of consensus expectations, indicating moderated revenue growth and uncertainty in healthcare spending [3]