Oncology Institute (NASDAQ:STLN) Major Shareholder Jorey Chernett Sells 2,851,061 Shares of Stock

Oncology Institute, Inc. (NASDAQ:STLN) major shareholder Jorey Chernett sold 2,851,061 shares of the firm’s stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $3.99, for a total value of $11,375,733.39. Following the completion of the transaction, the insider owned 7,809,797 shares of the company’s stock, valued at approximately $31,161,090.03. This represents a 26.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Monday, November 9th, Jorey Chernett purchased 48,294 shares of Oncology Institute stock. The shares were bought at an average price of $3.65 per share, for a total transaction of $176,273.10.
• On Friday, August 14th, Jorey Chernett purchased 12,000 shares of Oncology Institute stock. The shares were bought at an average price of $6.54 per share, for a total transaction of $78,480.00.

Oncology Institute Stock Performance

Shares of Oncology Institute stock opened at $4.34 on Wednesday. Oncology Institute, Inc. has a 12-month low of $2.32 and a 12-month high of $7.13. The stock has a market capitalization of $428.97 million, a P/E ratio of -14.97 and a beta of 0.44. The stock has a 50-day moving average price of $6.36.

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

Oncology Institute News Summary

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

Institutional Trading of Oncology Institute

A number of hedge funds have recently bought and sold shares of STLN. BlackRock Inc. bought a new position in Oncology Institute during the second quarter valued at approximately $25,787,000. State Street Corp bought a new stake in shares of Oncology Institute in the 2nd quarter worth approximately $8,432,000. Renaissance Technologies LLC boosted its stake in shares of Oncology Institute by 25.1% in the 1st quarter. Renaissance Technologies LLC now owns 902,809 shares of the company’s stock valued at $2,772,000 after purchasing an additional 180,909 shares in the last quarter. FourWorld Capital Management LLC boosted its stake in shares of Oncology Institute by 30.4% in the 1st quarter. FourWorld Capital Management LLC now owns 499,196 shares of the company’s stock valued at $1,533,000 after purchasing an additional 116,496 shares in the last quarter. Finally, Manatuck Hill Partners LLC purchased a new stake in shares of Oncology Institute in the 2nd quarter valued at $2,444,000. Institutional investors own 36.86% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on STLN shares. B. Riley Financial reaffirmed a “buy” rating and issued a $10.00 price target (down from $11.00) on shares of Oncology Institute in a report on Friday, November 6th. BTIG Research lifted their price target on Oncology Institute from $9.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, November 6th. 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 report on Friday, November 6th. Needham & Company LLC upped their price objective on shares of Oncology Institute from $7.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, October 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Oncology Institute in a research report on Tuesday, November 3rd. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $9.25.

About Oncology Institute

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.