What happened
According to a Securities and Exchange Commission (SEC) filing dated Feb. 9, 2026, William Blair Investment Management, LLC reduced its position in Doximity (DOCS 1.46%) by 372,184 shares during the fourth quarter of 2025. The estimated transaction value was $20.89 million, calculated using the average closing price over the quarter. The quarter-end value of the Doximity stake decreased by $184.77 million, reflecting both share sales and stock price movements.
What else to know
This sale was a partial reduction; Doximity represented 0.67% of the fund’s reportable assets under management at quarter-end.
- Top holdings after the filing:
- Nvidia: $1.98 billion (5.5% of AUM)
- Taiwan Semiconductor Manufacturing: $1.82 billion (5.1% of AUM)
- Microsoft: $1.69 billion (4.7% of AUM)
- Apple: $1.48 billion (4.1% of AUM)
- Amazon: $1.01 billion (2.8% of AUM)
As of Feb. 6, 2026, Doximity shares were priced at $27.73, down 66% from a year earlier, underperforming the S&P 500 by 82 percentage points over that period.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close 2/6/26) | $27.73 |
| Market Capitalization | $5.09 billion |
| Revenue (TTM) | $637.78 million |
| Net Income (TTM) | $239.40 million |
Company Snapshot
Doximity:
- Operates a cloud-based digital platform offering collaboration, telehealth, and career management tools for medical professionals in the United States.
- Generates revenue primarily from pharmaceutical manufacturers and healthcare systems.
- Targets physicians, healthcare providers, and medical organizations as its primary customer base.
Doximity connects U.S. medical professionals through a cloud-based digital platform serving healthcare and pharmaceutical clients. Doximity is a leading healthcare information services provider that leverages a robust digital platform to connect and empower medical professionals.
What this transaction means for investors
While William Blair’s $21 million sale of Doximity may seem like a big deal, it only accounted for roughly 15% of the firm’s shares of the stock. What might be more interesting to watch regarding William Blair and Doximity is what the firm will do with the stock this quarter. Reporting Q3 earnings earlier in February, Doximity’s stock plummeted to just $27 per share -- about 67% below its 52-week high. With Doximity now trading at just 17 times free cash flow -- its lowest-ever valuation -- I’ll be curious to see if William Blair doubles down on its holding or keeps selling.
Regarding the promising healthcare platform itself, I think there is still a lot to like about Doximity, and that its continued sell-off throughout the year is well overdone. Yes, sales growth slowed from 23% in Q3 last year to 10% this year -- and management guided for only 4% growth in Q4 -- but I believe this reflects a confluence of short-term factors rather than any long-term issues.
Pharmaceutical companies love to advertise on Doximity’s platforms because 85% of U.S. physicians and two-thirds of physicians’ assistants and nurse practitioners use the platform. However, 16 of the top 20 U.S. pharma companies delayed major spending decisions (such as advertising with Doxmity) as they ironed out most-favored-nation agreements. With this headwind now subsiding, Doximity board member Tim Cabral noted that the company’s pharma bookings growth rates in January were the best in its history, pointing toward eventual recovery. Best yet for investors, Doximity will look to fully launch and monetize its array of AI applications in 2026, so I could only look to keep adding to one of my favorite stocks while it trades at such a reasonable price -- maybe William Blair will, too.
