Oncology Institute (NASDAQ:TOI) Stock Price Down 5.5% – Here’s Why

The Oncology Institute, Inc. (NASDAQ:TOI) shares fell 5.5% during trading on Wednesday . The stock traded as low as $5.88 and last traded at $5.9350. Approximately 431,818 shares changed hands during trading, a decline of 78% from the average session volume of 1,928,562 shares. The stock had previously closed at $6.28.

Analyst Ratings Changes

Several equities research analysts have weighed in on TOI shares. Needham & Company LLC upped their target price on Oncology Institute from $5.00 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, June 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Oncology Institute in a research note on Monday, April 20th. Lake Street Capital started coverage on Oncology Institute in a report on Monday, July 6th. They set a “buy” rating and a $10.00 price target for the company. Finally, BTIG Research upped their price objective on Oncology Institute from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.40.

Oncology Institute Trading Down 7.1%

The firm has a market cap of $519.90 million, a P/E ratio of -14.22 and a beta of 0.36. The business has a 50-day moving average of $4.96 and a two-hundred day moving average of $3.81.

Oncology Institute (NASDAQ:TOI) last issued its earnings results on Thursday, May 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.05. The firm had revenue of $147.44 million during the quarter, compared to analyst estimates of $142.10 million. As a group, equities analysts expect that The Oncology Institute, Inc. will post -0.17 EPS for the current year.

Insider Activity at Oncology Institute

In other Oncology Institute news, major shareholder Jorey Chernett acquired 33,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was acquired at an average price of $4.07 per share, for a total transaction of $136,345.00. Following the acquisition, the insider directly owned 10,567,858 shares in the company, valued at $43,011,182.06. This represents a 0.32% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Yale Podnos sold 23,451 shares of Oncology Institute stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $5.38, for a total transaction of $126,166.38. Following the sale, the insider owned 259,527 shares in the company, valued at approximately $1,396,255.26. This represents a 8.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders bought 113,500 shares of company stock valued at $514,405 in the last ninety days. 4.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Oncology Institute

Several large investors have recently modified their holdings of the business. Fermata Advisors LLC acquired a new position in shares of Oncology Institute during the second quarter worth $70,000. Bank of America Corp DE increased its holdings in Oncology Institute by 36.6% in the first quarter. Bank of America Corp DE now owns 63,439 shares of the company’s stock valued at $195,000 after purchasing an additional 16,991 shares during the period. ADAR1 Capital Management LLC acquired a new stake in Oncology Institute in the first quarter valued at $154,000. Royal Bank of Canada raised its position in 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 last quarter. Finally, FourWorld Capital Management LLC raised its position in Oncology Institute by 30.4% during the 1st quarter. FourWorld Capital Management LLC now owns 499,196 shares of the company’s stock worth $1,533,000 after purchasing an additional 116,496 shares during the last quarter. Institutional investors own 36.86% of the company’s stock.

Oncology Institute Company Profile

The Oncology Institute, Inc, an oncology company, provides various medical oncology services in the United States. The company operates through three segments: Dispensary, Patient Services, and Clinical Trials & Other. It offers physician services, in-house infusion and dispensary, clinical trial, radiation, outpatient blood product transfusion, and patient support services, as well as educational seminars, support groups, and counseling services. The company also provides managing clinical trials, palliative care programs, stem cell transplants services, and other care delivery models associated with non-community-based academic and tertiary care settings; and conducts clinical trials for a range of pharmaceutical and medical device companies.