Doximity up 4% after Bloomberg report on pharma ad crackdown

Shares of Doximity (DOCS), the operator of a digital platform for U.S. medical professionals, are trading up $2.11, or 4%, to $58.07 after Rachel Cohrs Zhang of Bloomberg reported, citing sources, that the Trump administration is discussing policies that would make it harder and more expensive for pharmaceutical companies to advertise directly to patients. The two policies the administration has focused in on would be to require greater disclosures of side effects of a drug within each ad, likely making broadcast ads much longer and prohibitively expensive, or removing the industry’s ability to deduct direct-to-consumer advertising as a business expense for tax purposes, sources said. Doximity, which says its mission is to “help doctors be more productive so they can provide better care for their patients,” provides its verified clinical membership with digital tools built for medicine.