Oncology Institute (NASDAQ:STLN) Major Shareholder Purchases $176,273.10 in Stock

Oncology Institute, Inc. (NASDAQ:STLN) major shareholder Jorey Chernett purchased 48,294 shares of the company’s stock in a transaction on Monday, November 9th. The shares were purchased at an average price of $3.65 per share, for a total transaction of $176,273.10. Following the purchase, the insider owned 7,858,091 shares in the company, valued at approximately $28,682,032.15. The trade was a 0.62% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Jorey Chernett also recently made the following trade(s):

• On Friday, November 6th, Jorey Chernett sold 2,851,061 shares of Oncology Institute stock. The shares were sold at an average price of $3.99, for a total value of $11,375,733.39.
• On Friday, August 14th, Jorey Chernett purchased 12,000 shares of Oncology Institute stock. The shares were purchased at an average price of $6.54 per share, for a total transaction of $78,480.00.

Oncology Institute Price Performance

Oncology Institute stock traded up $0.34 during trading on Tuesday, reaching $4.34. The company had a trading volume of 6,346,120 shares, compared to its average volume of 1,896,865. The company has a market capitalization of $428.97 million, a price-to-earnings ratio of -14.97 and a beta of 0.44. The company has a 50-day moving average of $6.36. Oncology Institute, Inc. has a 1-year low of $2.32 and a 1-year high of $7.13.

Oncology Institute (NASDAQ:STLN) last posted its quarterly earnings data on Thursday, November 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.06). The business had revenue of $169.77 million for the quarter. As a group, analysts expect that Oncology Institute, Inc. will post -0.21 EPS for the current fiscal year.

Institutional Trading of Oncology Institute

Several hedge funds have recently made changes to their positions in the company. Legal & General Group Plc purchased a new position in Oncology Institute in the second quarter worth approximately $41,000. AMG National Trust Bank acquired a new position in shares of Oncology Institute in the 2nd quarter worth approximately $54,000. Engineers Gate Manager LP purchased a new position in shares of Oncology Institute during the 2nd quarter worth approximately $67,000. Royal Bank of Canada boosted its position in shares of Oncology Institute by 335.9% during the 1st quarter. Royal Bank of Canada now owns 22,257 shares of the company’s stock worth $68,000 after purchasing an additional 17,151 shares during the period. Finally, Fermata Advisors LLC purchased a new position in shares of Oncology Institute during the 2nd quarter worth approximately $70,000. Hedge funds and other institutional investors own 36.86% of the company’s stock.

Key Oncology Institute News

Here are the key news stories impacting Oncology Institute this week:

• Positive Sentiment: Investors bought 10,914 call options on Tuesday, about 365% above the average daily volume. The activity may indicate increased bullish speculation, though options trading does not guarantee future performance.
• Positive Sentiment: B. Riley reiterated its “Buy” rating, and another report said the firm raised its price target to $10.00. B. Riley Buy rating article Price target increase article
• Neutral Sentiment: Lake Street Capital lowered its price target from $10 to $8 but maintained a “Buy” rating. The lower target tempers the bullish view, while the rating remains positive. Lake Street Capital rating information
• Neutral Sentiment: A short-interest report listed zero shares sold short as of November 10, suggesting no reported short-position overhang; the report’s description of a large increase conflicts with that figure.
• Negative Sentiment: Major shareholder Jorey Chernett sold about 2.85 million shares for roughly $11.4 million on November 6, a 26.74% reduction in his holding. He later bought 48,294 shares on November 9, a much smaller purchase that only partly offsets the sale. SEC filing on insider transactions

Wall Street Analyst Weigh In

Several equities research analysts have commented on STLN shares. Lake Street Capital cut their price objective on Oncology Institute from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Friday. Needham & Company LLC lifted their price target on Oncology Institute from $7.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, October 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Oncology Institute in a research note on Tuesday, November 3rd. BTIG Research boosted their price target on Oncology Institute from $9.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday. Finally, B. Riley Financial reissued a “buy” rating and issued a $10.00 price objective (down from $11.00) on shares of Oncology Institute in a research note on Friday. Four investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $9.25.

About Oncology Institute

The Oncology Institute is a value-based oncology care company focused on delivering comprehensive cancer treatment and related services through community-based care settings. Its model is designed to support patients throughout the cancer-care journey while coordinating treatment among oncologists, primary-care providers, specialists and other healthcare professionals. The company provides medical oncology and hematology services, cancer screening and diagnosis, treatment planning, chemotherapy and other infusion therapies, supportive care, survivorship services and care-management programs.