Oncology Institute (NASDAQ:STLN) Major Shareholder Jorey Chernett Purchases 48,294 Shares of Stock

Oncology Institute, Inc. (NASDAQ:STLN) major shareholder Jorey Chernett acquired 48,294 shares of Oncology Institute stock in a transaction on Monday, November 9th. The shares were bought 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 of the company’s stock, valued at $28,682,032.15. This represents a 0.62% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions 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 stock was sold at an average price of $3.99, for a total value of $11,375,733.39.
• On Friday, August 14th, Jorey Chernett bought 12,000 shares of Oncology Institute stock. The shares were purchased at an average cost of $6.54 per share, for a total transaction of $78,480.00.

Oncology Institute Stock Up 8.5%

Shares of STLN stock opened at $4.34 on Wednesday. The company has a fifty day moving average price of $6.36. The stock has a market capitalization of $428.97 million, a P/E ratio of -14.97 and a beta of 0.44. Oncology Institute, Inc. has a twelve month low of $2.32 and a twelve month high of $7.13.

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

Trending Headlines about Oncology Institute

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

Hedge Funds Weigh In On Oncology Institute

Several institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp acquired a new stake in Oncology Institute in the 2nd quarter valued at approximately $961,000. Bank of America Corp DE bought a new stake in Oncology Institute during the 2nd quarter valued at $2,129,000. State Street Corp bought a new stake in Oncology Institute during the 2nd quarter valued at $8,432,000. Arrowstreet Capital Limited Partnership boosted its position in Oncology Institute by 169.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 419,423 shares of the company’s stock worth $1,288,000 after acquiring an additional 263,699 shares during the period. Finally, Cetera Investment Advisers boosted its position in Oncology Institute by 427.8% during the 1st quarter. Cetera Investment Advisers now owns 128,195 shares of the company’s stock worth $394,000 after acquiring an additional 103,908 shares during the period. 36.86% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

STLN has been the topic of a number of research analyst reports. B. Riley Financial reiterated a “buy” rating and set a $10.00 price objective (down from $11.00) on shares of Oncology Institute in a research note on Friday, November 6th. Lake Street Capital lowered their price objective on Oncology Institute from $10.00 to $8.00 and set a “buy” rating for the company in a report on Friday, November 6th. Needham & Company LLC boosted their price objective on Oncology Institute from $7.00 to $9.00 and gave the company a “buy” rating in a report on Wednesday, October 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Oncology Institute in a research note on Tuesday, November 3rd. Finally, BTIG Research increased their target price on Oncology Institute from $9.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, November 6th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Oncology Institute presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.25.

Oncology Institute Company Profile

The Oncology Institute is a physician-led provider of cancer care. Its services include medical oncology and hematology consultations, cancer treatment and infusion services, pharmacy support, and access to clinical trials. The company combines community-based clinics with care coordination and value-based care programs intended to support patients throughout treatment. It serves patients in several U.S. states, including California, Nevada, Arizona, and Florida. Founded in 2007, The Oncology Institute has expanded its network of oncology clinics and related services to provide cancer care closer to where patients live.