Health care software play Doximity (DOCS) is quickly approaching a buy point. Shares of the San Francisco-based firm hit a high of 61.75 on Nov. 11 after a positive earnings report, and are up a whopping 101% year to date.

Doximity operates a cloud-based digital platform for medical professionals in the U.S. The platform enables members to collaborate with colleagues, manage their on-call schedules, streamline administrative paperwork and conduct virtual patient visits. The company also provides artificial-intelligence assistants.

The stock has been barreling higher this year, especially in August. Shares catapulted more than 31% during the week ended Aug. 9, thanks to a very strong earnings report. Another strong earnings report Nov. 7 had the stock rise over 37% that week.

The very next week, the stock reached a high of 61.75, which coincides with the current buy point, before sliding into a price consolidation. Despite the pullback, the stock has managed to remain above the 21-day moving average, a sign of strength. Aggressive investors could use the Dec. 6 high at 56.67 as an early entry.

With a perfect 99 Composite Rating and strong 97 Relative Strength Rating, Doximity checks several boxes both fundamentally and technically. It also ranks No. 1 in Investor's Business Daily's medical software industry group, reflecting its leadership qualities. The group itself ranks No. 45 out of IBD's 197 groups.

Growth Path For Doximity Stock

On Nov. 7, Doximity reported results for its second quarter and the market was very happy with the results. Doximity grew sales and earnings per share by 20% and 36%, respectively. Additionally, guidance improved for the full year.

The company has seen a nice acceleration in revenue growth over the last three quarters, from 6% to 17% and 20% in the most recent quarter.

Analysts expect earnings growth to continue in 2025 and 2026, with EPS increases of 21% and 10%, respectively, according to IBD MarketSurge.

Other impressive markers include its handling of over 1 million prompts in Q2 from its Doximity GPT solution. This allows for physicians to do less paperwork. The platform is now used by over 80% of U.S. physicians, 60% of nurse practitioners and 90% of graduating med students.

"Our clinical workflow tools saw record use in Q2 with over 600,000 unique active prescribers," said Jeff Tangney, cofounder and CEO of Doximity, in a recent news release. "We're proud to help physicians save time, so they can provide better care for their patients."

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