The Covid-19 pandemic stretched healthcare systems to the breaking point and exposed some of their major flaws in the process. As so many people became isolated and depressed due to events beyond their control, mental health support became a critical component in the fight against Covid-19. Now, people are slowly rebuilding their lives but mental wellness remains a constant concern for individuals and corporations. With this in mind, one of the best stocks under $2 may be Nurosene Heath Inc. (OTC: MNNDF) which has decided to refocus its efforts on accelerating the development of its Nuro mental wellness app to meet this important challenge.
Founded in 2019 by a functional neurologist and researcher, Nurosene already operates in the lucrative nutraceutical supplement business. However, MNNDF is currently moving away from this sector to pursue a new direction fueled by AI and machine learning.
MNNDF is pivoting towards AI and data-engineered mental health solutions for its users. Considering that 8 out of 10 adults suffer from increased stress levels due to the pandemic, this new direction could prove good for business and will potentially be life-changing to some people. Given the recent popularity of mental health apps like Headspace and Talkspace, the global mental health apps’ market size is expected to reach $310 billion by 2027. If the company’s Nuro app is able to secure a place among the most popular mental health apps, then MNNDF’s shareholders could see a significant return on their investment.
Unlike other apps in this space, MNNDF’s app targets the brain’s neurobiology to preserve and restore its healthy function. For this reason, MNNDF acquired NetraMark – an AI and pharma-tech company – to incorporate its proprietary data analytics and intelligence in the app’s design. This acquisition is essential to MNNDF’s long-term goals of disrupting the traditional healthcare model because NetraMark’s analytics will help MNNDF leverage small or large data sets to develop insights for individual patient treatment rather than a ‘one size fits all’ approach.
Since the pandemic, AI technology is increasingly seen as an underutilized health care tool. However, this might not last for long as the market size for global artificial intelligence in healthcare is expected to hit $120.2 billion by 2028. This supports the point that Neurosene is heading in the right direction as it positions itself to disrupt traditional mental wellness treatments. If its app proves successful, the company may be valued much higher and no longer be one of the stocks under $2.
MNNDF has attracted the attention of Michael Phelps who joined Nurosene’s Mental Health Advisory Council but investors like @QuabbinR have also started noticing MNNDF’s potential.
Should You Buy?
The company has accomplished quite a bit since its initial public offering in June, raising $11.9 million CAD already. It has also received Health Canada’s approval for distributing its nutraceutical supplements through retail and e-commerce channels in the Canadian market. Financially, MNNDF is in good condition having closed Q3 with a cash balance of $8 million and working capital of $7.4 million.
In the long-term, MNNDF could be one of the promising stocks under $2 due to its work in the developing sector of preventative therapeutics and personalized mental wellness programs. Currently trading at $1.40, MNNDF could prove to be a promising long-term hold considering its recent acquisition and focus on developing its app.
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