Bank of America Corp DE Acquires New Stake in Oncology Institute, Inc. $STLN

Key Points

• Bank of America acquired 391,997 shares of Oncology Institute, valued at approximately $2.13 million, giving it a 0.40% stake. Institutional investors and hedge funds collectively own 36.86% of STLN.
• Oncology Institute reported a quarterly loss of $0.08 per share but generated $161.28 million in revenue, exceeding analyst expectations of $152.80 million. Shares opened at $6.32, within a 52-week range of $2.32 to $7.13.
• Analyst sentiment remains favorable, with four Buy ratings and one Sell rating producing a consensus “Moderate Buy” rating and an $8.50 price target. Recent targets range from $7.00 to $10.00.

Bank of America Corp DE bought a new stake in shares of Oncology Institute, Inc. (NASDAQ:STLN - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 391,997 shares of the company's stock, valued at approximately $2,129,000. Bank of America Corp DE owned about 0.40% of Oncology Institute as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of STLN. Legal & General Group Plc purchased a new position in Oncology Institute in the second quarter worth $41,000. AMG National Trust Bank purchased a new position in Oncology Institute in the 2nd quarter worth $54,000. Fermata Advisors LLC acquired a new stake in Oncology Institute during the 2nd quarter worth about $70,000. Granite Investment Partners LLC acquired a new stake in Oncology Institute during the 1st quarter worth about $46,000. Finally, R Squared Ltd grew its stake in Oncology Institute by 42.7% during the 1st quarter. R Squared Ltd now owns 16,353 shares of the company's stock valued at $50,000 after purchasing an additional 4,891 shares during the last quarter. 36.86% of the stock is currently owned by institutional investors and hedge funds.

Oncology Institute Stock Performance

Shares of NASDAQ:STLN opened at $6.32 on Thursday. Oncology Institute, Inc. has a 1 year low of $2.32 and a 1 year high of $7.13. The company has a market cap of $624.67 million, a PE ratio of -21.07 and a beta of 0.41.

Oncology Institute (NASDAQ:STLN - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.08) earnings per share (EPS) for the quarter. The company had revenue of $161.28 million for the quarter, compared to analysts' expectations of $152.80 million. Sell-side analysts expect that Oncology Institute, Inc. will post -0.21 EPS for the current fiscal year.

Insider Buying and Selling at Oncology Institute

In other Oncology Institute news, Director Brad Hively sold 298,853 shares of the firm's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $6.51, for a total value of $1,945,533.03. Following the transaction, the director owned 411,976 shares in the company, valued at approximately $2,681,963.76. This trade represents a 42.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Jorey Chernett bought 18,000 shares of the stock in a transaction on Tuesday, July 21st. The shares were acquired at an average cost of $5.27 per share, for a total transaction of $94,860.00. Following the purchase, the insider owned 10,648,858 shares in the company, valued at $56,119,481.66. The trade was a 0.17% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders purchased 45,000 shares of company stock valued at $261,090. 4.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on STLN. Needham & Company LLC increased their price objective on Oncology Institute from $5.00 to $7.00 and gave the company a "buy" rating in a report on Wednesday, June 17th. Weiss Ratings started coverage on shares of Oncology Institute in a research report on Thursday, August 6th. They set a "sell (d-)" rating for the company. BTIG Research upped their price target on shares of Oncology Institute from $8.00 to $9.00 and gave the company a "buy" rating in a report on Thursday, July 9th. Finally, Lake Street Capital began coverage on Oncology Institute in a research note on Monday, July 6th. They issued a "buy" rating and a $10.00 target price on the stock. Four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $8.50.

Oncology Institute Profile

The Oncology Institute, Inc is a healthcare services company focused on delivering value-based cancer care. The company works with oncologists, health plans and other healthcare organizations to coordinate treatment and manage the costs of oncology services while emphasizing quality, access and patient outcomes.

Its services include medical oncology and hematology care, cancer diagnosis and treatment planning, chemotherapy and infusion services, supportive care, clinical research and care-management programs.

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