ClearBridge Investments is Bullish in Doximity (DOCS)

ClearBridge Investments, an investment management firm, published its “Mid Cap Growth Strategy” second quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Mid Cap Growth Strategy underperformed the Russell Midcap Growth Index during the second quarter. On an absolute basis, the Strategy had losses across all 10 sectors in which it was invested during the quarter (out of 11 sectors total). The leading detractors were the IT and consumer discretionary sectors, while the real estate sector was the smallest detractor. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, ClearBridge Mid Cap Growth Strategy Fund mentioned Doximity, Inc. (NYSE:DOCS) and explained its insights for the company. Founded in 2010,  is a San Francisco-based social networking website with a $6.4 billion market capitalization. Doximity, Inc. (NYSE:DOCS) delivered a -32.46% return since the beginning of the year, while its 12-month returns are down by -63.22%. The stock closed at $33.86 per share on August 24, 2022.

Here is what ClearBridge Mid Cap Growth Strategy Fund has to say about Doximity, Inc. (NYSE:DOCS) in its Q2 2022 investor letter: 

“We took advantage of short-term earnings weakness to add to our existing holding in Doximity (NYSE:DOCS), a professional network platform for doctors and physician assistants in the U.S. While the current risk-off sentiment in the market may make innovation out of vogue for the near term, Doximity is poised to benefit from its unique ability to target specific subsets of doctors for health care digital advertising campaigns, which we believe are underpenetrated markets relative to other sectors and deliver extremely high returns on investment.”

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Our calculations show that Doximity, Inc. (NYSE:DOCS) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Doximity, Inc. (NYSE:DOCS) was in 12 hedge fund portfolios at the end of the second quarter of 2022, compared to 28 funds in the previous quarter. Doximity, Inc. (NYSE:DOCS) delivered a -1.80% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

Disclosure: None. This article is originally published at Insider Monkey.