HHS and the FDA announced new enforcement actions against misleading direct-to-consumer pharmaceutical advertising, issuing thousands of warning letters and around 100 cease-and-desist notices, Raymond James tells investors in a research note. While these reforms target consumer-facing ads, they could have significant ramifications for Doximity (DOCS), whose business centers on marketing to healthcare professionals rather than consumers. The heightened regulatory scrutiny could reshape how pharma companies allocate marketing spend, potentially affecting Doximity’s role in the ecosystem, the firm says. Raymond James has an Outperform rating and $75 price target on the shares.
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