Oncology Institute (NASDAQ:STLN) Reaches New 52-Week High - Here's What Happened

Key Points

• Oncology Institute shares reached a new 52-week high, climbing 4.4% to about $7.01 after trading as high as $7.13. The company has a market capitalization of approximately $684 million.
• Analyst sentiment is generally positive, with four Buy ratings and one Sell rating giving the stock a consensus rating of “Moderate Buy” and an average price target of $8.50.
• The company reported quarterly revenue of $161.28 million, exceeding expectations of $152.80 million, but posted a loss of $0.08 per share. Institutional ownership also increased, including a new $25.8 million position from BlackRock.

Oncology Institute, Inc. (NASDAQ:STLN - Get Free Report)'s share price hit a new 52-week high on Friday . The company traded as high as $7.13 and last traded at $7.0080, with a volume of 421735 shares changing hands. The stock had previously closed at $6.63.

Wall Street Analysts Forecast Growth

Several brokerages have commented on STLN. Weiss Ratings initiated 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 boosted their target price on Oncology Institute from $8.00 to $9.00 and gave the company a "buy" rating in a research note on Thursday, July 9th. Needham & Company LLC raised their price target on Oncology Institute from $5.00 to $7.00 and gave the stock a "buy" rating in a research report on Wednesday, June 17th. Finally, Lake Street Capital assumed coverage on Oncology Institute in a research report on Monday, July 6th. They issued a "buy" rating and a $10.00 price objective for the company. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $8.50.

Oncology Institute Trading Up 4.4%

The firm has a market cap of $683.97 million, a P/E ratio of -23.04 and a beta of 0.41.

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

Insider Activity at Oncology Institute

In related news, major shareholder Jorey Chernett acquired 18,000 shares of the company's stock in a transaction that occurred on Tuesday, June 23rd. The stock was acquired at an average price of $5.02 per share, with a total value of $90,360.00. Following the purchase, the insider directly owned 10,615,858 shares in the company, valued at approximately $53,291,607.16. This trade represents a 0.17% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Brad Hively sold 298,853 shares of the firm's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $6.51, for a total value of $1,945,533.03. Following the sale, the director directly 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders purchased 63,000 shares of company stock valued at $351,450. 4.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Oncology Institute during the 2nd quarter worth approximately $25,787,000. Josh Arnold Investment Consultant LLC grew its position in shares of Oncology Institute by 1,104.3% in the fourth quarter. Josh Arnold Investment Consultant LLC now owns 2,459,809 shares of the company's stock valued at $8,757,000 after purchasing an additional 2,255,559 shares in the last quarter. Manatuck Hill Partners LLC purchased a new stake in shares of Oncology Institute in the second quarter worth about $2,444,000. Walleye Capital LLC purchased a new position in Oncology Institute during the second quarter worth about $2,421,000. Finally, Bank of America Corp DE purchased a new stake in Oncology Institute during the second quarter valued at about $2,129,000. 36.86% of the stock is owned by institutional investors and hedge funds.

About Oncology Institute

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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