Biomind Labs Stock (OTC:BMNDF), Trade Ideas

Biomind Labs Inc is a biotech Research and Development company aimed at transforming biomedical sciences knowledge from natural psychotropic plants into novel pharmaceutical drugs and nanotech delivery systems for a variety of psychiatric and neurological conditions. Biomind is developing pharmaceutical sole and combined formulations of the main natural psychedelic molecules with the aim of identifying novel pharmaceutical compounds for treating a wide range of therapeutic indications.

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BMNDF

Psychedelics R&amp;D biotech Biomind Labs Inc.

New Sublingual Psychedelic Drug Candidate Created For Depression And Anxiety In Alzheimer&#39;s

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CMND

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MSSTF

MYDECINE INNOV GRP by MYDECINE INNOVATIONS GROUP INC.

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TSLA

Elon Musk Joins Twitter Conversation Around Psychedelics: A Debate On Empathy



Psyched: Musk&#39;s Empathy Tweets, Psychedelics In Congress, Oregon&#39;s Opt-Outs, MAPS&#39; MDMA Trial And More

Earnings

Next-gen psychedelics developer Biomind Labs Inc.

Biomind Labs: Q3 Financials &amp; FDA Approval For New Chemical Entity Targeting Treatment-Resistant Depression

Biomind Labs Inc

Wells Fargo analyst Will Gaertner maintains Under Armour (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UAA#NYSE">UAA</a>) with a Equal-Weight and lowers the price target from $8 to $7.

Price Target

Analyst Ratings

Wells Fargo Maintains Equal-Weight on Under Armour, Lowers Price Target to $7

<a href="https://www.3m.com/3M/en_US/worker-health-safety-us/safety-resources-training-news/safety-news/ppe-notifications-and-advisories/peltor-x4earmuff-notification/#:~:text=3M%20Personal%20Safety%20Division%20is,exterior%20surface%20of%20the%20cups" title="https://www.3m.com/3M/en_US/worker-health-safety-us/safety-resources-training-news/safety-news/ppe-notifications-and-advisories/peltor-x4earmuff-notification/#:~:text=3M%20Personal%20Safety%20Division%20is,exterior%20surface%20of%20the%20cups">https://www.3m.com/3M/en_US/worker-health-safety-us/safety-resources-training-news/safety-news/ppe-notifications-and-advisories/peltor-x4earmuff-notification/#:~:text=3M%20Personal%20Safety%20Division%20is,exterior%20surface%20of%20the%20cups</a>.
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3M Personal Safety Division is issuing a Stop Use and Recall Notice to customers for the 3M&#x2122; PELTOR&#x2122; X4 Series Earmuffs manufactured between March 2020 through September 2022. 3M has identified that X4 earmuffs manufactured during this time period may develop cracks on the exterior surface of the cups. All product manufactured in this timeframe must be removed from service even if no cracks are visible on the cups.

3M Issues Stop Use & Recall Notice For 3M PELTOR X4 Series Earmuffs

Evercore ISI Group analyst Steve Sakwa maintains Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) with a Outperform and raises the price target from $67 to $70.

Evercore ISI Group Maintains Outperform on Equity Residential, Raises Price Target to $70

Contracts

Global

Honda Says Maximum Annual Production Capacity For Battery Plant Seen At 36 Gigawatt Hours; New Plant To Be Adjacent To Existing Ontario Facility, Adding 1,000 Employees

Cantor Fitzgerald analyst Derek Soderberg reiterates Enovix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENVX#NASDAQ">ENVX</a>) with a Overweight and maintains $30 price target.

Reiteration

ENVX

Cantor Fitzgerald Reiterates Overweight on Enovix, Maintains $30 Price Target

Honda Says To Set Up EV Production Base In Canada With Total Investment Of C$15 Billion, Including JV Partners; Maximum Annual Production Capacity For EV Plant Seen At 240,000 Vehicles; To Build EV Plant, Dedicated Battery Plant, Aiming For Operations Starting In 2028; Aiming For Integrated Production Of EV Components, Batteries, Vehicles

Mobileye Global Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>)&nbsp;reported a fiscal first-quarter 2024 revenue decline of 48% year-on-year to $239.00 million, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38425091/mobileye-releases-first-quarter-2024-results-and-provides-business-overview" rel="noreferrer noopener">consensus of $231.56 million</a>.&nbsp;Adjusted EPS of $(0.07) missed the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus loss of $(0.06)</a>.&nbsp;
&#8220;The financial results in the first quarter reflect a supply chain reset as the excess inventory held by our customers&nbsp;is consumed.&nbsp;We are encouraged that the inventory drawdown and associated recovery in revenue&nbsp;appears to be on-track to&nbsp;what we laid out in January,&#8221; said Mobileye President and CEO Prof. Amnon Shashua.
EyeQ and SuperVision revenue was $219 million vs. $438 million a year ago.&nbsp;
The Average System Price was $61.0, down from $53.9 in the prior year.&nbsp;Number&nbsp;of systems shipped plunged to 3.6 million, down from 8.1 million a year ago.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37793784/why-autonomous-driving-software-company-mobileye-shares-are-shooting-higher-today" rel="noreferrer noopener">Mobileye Ends Retrofit ADAS Business, Redirects Resources Towards Advanced Autonomous Tech</a>
Gross margin declined by 2,260 bps to 23%, while adjusted gross margin decreased by 876 bps to 62%, primarily due to the&nbsp;increase in&nbsp;revenue attributable to SuperVision.&nbsp;
Adjusted operating margin loss was (27)%, primarily due to lower gross margin. Mobileye held $1.22 billion in cash and equivalents as of March 30, 2024.&nbsp;
All&nbsp;key&nbsp;operating metrics in the first quarter of 2024 were impacted by a significantly lower volume of EyeQ shipments, resulting from the expected large drawdown of inventory at its Tier 1 customers.
FY24 Outlook: The company&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/01/36778864/mobileyes-q4-big-wins-and-expanding-tech-horizons-how-it-could-drive-future-commute" rel="noreferrer noopener">reiterated its revenue outlook of</a>&nbsp;$1.830 billion—$1.960 billion (vs.&nbsp;the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$1.899 billion estimate</a>) and adjusted operating income of $270 million—$360 million.
Mobileye&nbsp;was spun-off by Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) in October 2022.
Mobileye Global stock plunged 31% in the last 12 months. Investors can gain exposure to the stock via&nbsp;TrueShares Technology, AI &amp; Deep Learning ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LRNZ#NYSE">LRNZ</a>)&nbsp;and&nbsp;Innovator Deepwater Frontier Tech ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOUP#NYSE">LOUP</a>).
Price Action: MBLY shares traded lower by 5.21% at $29.50 at the last check Thursday.
Photo via Wikimedia Commons

Guidance

Movers

Tech

INTC

LOUP

LRNZ

MBLY

Intel Spinoff Mobileye Revenue Falls Amid Supply Chain Reset, CEO Optimistic About Recovery

Wells Fargo analyst Will Gaertner maintains Academy Sports (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASO#NASDAQ">ASO</a>) with a Overweight and lowers the price target from $83 to $80.

Wells Fargo Maintains Overweight on Academy Sports, Lowers Price Target to $80

Canadian cannabis edibles producer Indiva Limited (TSXV:<a class="ticker" href="https://www.benzinga.com/stock/NDVA#TSXV">NDVA</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NDVAF#OTC">NDVAF</a>) announced on Thursday its financial and operating results for the fourth quarter and fiscal year ended Dec. 31, 2023.
The company reported a 53.3% increase year-over-year increase in gross profit before inventory write-down to CA$4.2 million (roughly $3 million) for the fourth quarter.
Gross margin before inventory write-down improved to a record 38.5% of net revenue, versus 37.1% in the prior quarter and 29.3% in the prior year's period.
Indiva attributed the improvement in gross margin percentage year over year to higher sales, improved operating efficiencies and a positive mix shift toward higher-margin products.
"We are very pleased with our performance in the fourth quarter and fiscal year 2023, generating record net revenue, improved gross margins as well as record positive EBITDA and income from operations," Niel Marotta, president and CEO of Indiva said.
<h3 class="wp-block-heading">Q4 2023 Financial Highlights</h3>
<ul>
<li>Net revenue was a record CA$10.9 million, representing an 11% sequential increase, and a 16.8% increase year-over-year, driven primarily by strength in core brands, including Pearls by Grön, where net revenue grew by greater than 360% year-over-year, as well as strong contribution from No Future gummies.</li>
<li>Net revenue from edible products was CA$9.5 million, or 87.7% of net revenue, up 5.3% quarter-over-quarter and 27% year-over-year.</li>
<li>Operating expenses dropped by 19% year-over-year to CA$3.1 million, a record low at 28.9% of net revenue versus 31% in the prior period and 41.7% in the same quarter of last year.</li>
<li>EBITDA came in positive at CA$0.9 million, or 8.1% of net revenue. Adjusted EBITDA increased sequentially to a record profit of CA$1.5 million or 13.9% of net revenue, versus a profit of CA$1 million in the previous quarter, and a loss of CA$0.6 million in the fourth quarter of last year.</li>
<li>Income from operations was CA$0.5 million versus CA$13,000 in the third quarter of 2023 and a loss of CA$1.7 million in the fourth quarter of 2022.</li>
<li>Comprehensive net loss included one-time expenses and non-cash charges including inventory impairments totaling CA$0.5 million and CA$0.4 million in the same quarter of 2022.</li>
</ul>
<h3 class="wp-block-heading">FY 2023 Financial Highlights</h3>
<ul>
<li>Record net revenue of CA$37.6 million versus CA$34.4 million for the year ended Dec. 31, 2022, representing a 9.2% year-over-year increase.</li>
<li>Net revenue from edible products grew to CA$32.7 million, representing 87.2% of net, versus CA$30.5 million or 88.7% of net revenue in the prior year period.</li>
<li>Gross profit before inventory write-down improved by 26.9% to a record CA$13.2 million or 35.1% of net revenue versus CA$10.4 million or 30.2% of net revenue for the year ended Dec. 31, 2022.</li>
<li>Operating expenses decreased by 11.3% to CA$12.6 million versus CA$14.3 million for the year ended 2022. As a percentage of net revenue, operating expenses decreased to 33.7% for 2023 versus 41.4.% in 2022.</li>
<li>EBITDA was a record positive at CA$1.6 million, or 4.2% of net revenue in 2023 versus a loss of CA$4.8 million in 2022. Adjusted EBITDA improved to a profit of CA$2.4 million versus a loss of CA$1.5 million last year.</li>
<li>Comprehensive net loss, excluding one-time expenses and non-cash charges, improved to CA$4.4 million, versus a loss of CA$8.4 million in fiscal year 2022.</li>
</ul>
<h3 class="wp-block-heading">Outlook</h3>
<ul>
<li>Indiva anticipates net revenue for the first three months of fiscal 2024 will be lower on a sequential basis, primarily due to seasonality, and flat year-over-year, due to the continued growth in Pearls by Grön, and the contribution to revenue from No Future gummies and Indiva Blips offset by Wana converting to contract manufacturing and the loss of lozenge revenue.</li>
<li>Margins are also expected to decline sequentially in the first quarter due to lower sales and reduced overhead absorption due to lower production levels as compared to the fourth quarter offset by a positive mix shift and the benefit of the implementation of automation in the production and packaging of edible products, the company said in a press release.</li>
<li>For the fiscal year 2024, the Company expects to generate record net revenue and record EBITDA.</li>
</ul>
<h3 class="wp-block-heading">Related News</h3>
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/23/08/34096468/canadian-weed-edibles-producers-q2-financial-results-show-drop-in-revenue-gross-profit-heres-why">Canadian Weed Edibles Producer&#8217;s Q2 Financial Results Show Drop In Revenue &amp; Gross Profit, Here&#8217;s Why</a></li>
<li><a href="https://www.benzinga.com/markets/cannabis/23/05/32418643/indiva-q1-revenue-grows-6-yoy-provides-outlook">Indiva Q1 Revenue Grows 6% YoY, Provides Outlook</a></li>
</ul>

NDVAF

TSXV:NDVA

Cannabis Edibles Maker Indiva Reports Record Revenue In 2023, Positive EBITDA And Income From Q4 Operations

Evercore ISI Group analyst Steve Sakwa maintains EastGroup Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGP#NYSE">EGP</a>) with a In-Line and lowers the price target from $190 to $178.

Evercore ISI Group Maintains In-Line on EastGroup Props, Lowers Price Target to $178

Macro Economic Events

Economics

Federal Reserve

U.S. Treasury's Yellen Says We've Got A Good Strong U.S. Economy, Lifting Growth All Around The World; Biden's Top Priority Is To Address High Costs Of Health Care, Bring Down Drug Prices; Fed's First Obligation Is To Set Monetary Policy To Be Consistent With Price Stability

Many people, especially America's wealthiest, try to <a href="https://www.benzinga.com/money/are-you-rich">avoid paying taxes</a>, but one billionaire has a bit of a different take on the concept.&nbsp;
Entrepreneur Mark Cuban, known for investing in some of the <a href="https://www.benzinga.com/money/aura">most innovative small businesses in America</a> and his outspoken views and dynamic business acumen, recently took to X to announce a significant payment to the U.S. Treasury, affirming his belief in fiscal responsibility as a form of patriotism. Cuban revealed he had transferred $288 million to the IRS, correcting an earlier figure he had shared online.
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<li>This &#8216;Future of Gaming&#8217; startup disrupting a $272 billion industry is<a href="https://www.benzinga.com/money/gameflip-2"> now letting anyone invest for a limited time</a>.</li>
</ul>
&#8220;I pay what I owe,&#8221; Cuban posted, emphasizing his commitment to contributing to the nation&#8217;s welfare. &#8220;This country has done so much for me, I'm proud to pay my taxes every single year.&#8221;
The Dallas Mavericks owner and &#8220;Shark Tank&#8221; star has long said that "after military service, paying your taxes is the most patriotic thing we can do.&#8221; His recent posts not only underscore his principles but also seem to critique others, particularly notable figures who might not share his enthusiasm for tax compliance, even taking a brief swipe at former President Donald Trump.
Cuban&#8217;s public declarations reflect a broader socio-political stance that intertwines wealth, responsibility and patriotism. Cuban, despite critiquing the platform regularly, often uses X to defend and back up his political stances.&nbsp;
Trending: Invest alongside execs from Uber, Facebook and Apple in this<a href="https://www.benzinga.com/money/aura"> wellness app Transforming a $5.6 TRILLION dollar industry</a>.
Cuban has not shied away from political discourse, often addressing economic policies and their impact on entrepreneurs and average citizens. His engagement ranges from commenting on social issues to critiquing political figures, positioning himself as an advocate for transparent and responsible governance.
<h2 class="wp-block-heading">Historical Context Of Taxation And Patriotism</h2>
Taxation as a patriotic duty has deep roots in American history, albeit not as significant and outspoken as avoiding or rebelling against taxes. During the early 20th century, paying taxes was often portrayed as a civic duty integral to national solidarity and success. This sentiment was pronounced during both World Wars when taxes were framed as a direct contribution to the national effort.
Before establishing the modern tax system, the U.S. relied heavily on tariffs and excise taxes. It wasn&#8217;t until the 16th Amendment in 1913 that the federal income tax was permanently set as a cornerstone of U.S. fiscal policy. During these times, wealthy industrialists like Andrew Carnegie and John D. Rockefeller often engaged in philanthropy, which was seen as a way to give back to society — a precursor to today&#8217;s discussions about the role of wealth in public service.
Carnegie and Rockefeller shifted the role of ultra-high-net-worth individuals in American society. Rather than hoarding wealth for generations, they made it a trend among the wealthy to give money to building libraries and great works that benefit society. This trend, while not as pronounced in today&#8217;s society, still can be seen over a hundred years later. For example, notable figures like Bill Gates and <a href="https://www.benzinga.com/topic/warren-buffett">Warren Buffett</a> have pledged to give the majority of their fortunes to charitable causes.&nbsp;
Keep Reading <a href="https://www.benzinga.com/alternative-investments/startups">About Startups</a>:
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<li>Invest like a millionaire. Exclusive opportunity to<a href="https://www.benzinga.com/money/epic-games"> invest in Epic Games $17 billion gaming empire.</a></li>
</ul>
Cuban&#8217;s actions highlight a continuing conversation about the obligations of the wealthy in American society. As debates around wealth inequality intensify, figures like Cuban, who openly embrace their tax obligations, challenge others in similar financial brackets to demonstrate their commitment to the country&#8217;s well-being.
This movement poses some issues among Americans. Alongside a deeply rooted ideology around avoiding taxes, many don't want to pay into a tax system in which they don't believe their money is going to good use. In 2023, $658 billion was paid on interest to the national debt. Cuban would need to pay his tax bill more than 2,384 times just to cover the interest bill on the debt, a number expected to skyrocket in 2024.&nbsp;
As the United States navigates complex social and economic challenges, the perspectives and actions of influential entrepreneurs like Cuban will likely play a critical role in shaping public discourse around wealth, responsibility and patriotism.

General

Mark Cuban Paid $276 Million In Taxes — Says, 'After Military Service, Paying Your Taxes Is The Most Patriotic Thing We Can Do'

Evercore ISI Group analyst Jonathan Chappell maintains Canadian Pacific Kansas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>) with a Outperform and lowers the price target from $90 to $89.

Evercore ISI Group Maintains Outperform on Canadian Pacific Kansas, Lowers Price Target to $89

U.S. Treasury's Yellen Says We Have A Very Good Strong Job Market, We're Not Seeing Evidence That The Labor Market Is Source Of Inflation; Fed Wants To See Additional Evidence Of A Sustainable Decline In Inflation; Americans Are Concerned With High Cost Of Living Biden Priority Is To Bring Down Costs

U.S. Treasury's Yellen Says GDP Data Shows Strength In Consumer, Investment Spending; U.S. Economy Shows Robust Growth, Firing On All Cylinders; There Could Be Revisions To GDP Data; I Still See In Underlying Core Drivers Of Economic Activity Considerable Strength

A global pharmaceutical company focused on developing medicines to treat substance use disorders (SUD) and serious mental illnesses, Indivior (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INDV#NASDAQ">INDV</a>) reported its financial results Thursday for the first quarter of the year. For the three months ended March 31st, the Richmond, Virginia-headquartered company disclosed net revenue of $284 million, up by 12% from $253 million in the same period of 2023.
"Our first quarter results reflect continued double-digit top-line momentum led by SUBLOCADE (buprenorphine extended-release),"&nbsp;stated Indivior CEO&nbsp;Mark Crossley.&nbsp;&#8220;The underlying demand for this transformative treatment for moderate-to-severe opioid use disorder (OUD) remains strong&nbsp;and&nbsp;our strategy to expand prescribing in the justice system is delivering excellent results.&nbsp;SUBLOCADE's&nbsp;reported growth was, however,&nbsp;adversely impacted by transitory items, including accelerating Medicaid patient disenrollments, a cyberattack on the largest U.S. medical claims processor, and abnormal trade destocking.&nbsp;We fully expect these items to resolve as the year progresses."&nbsp;
Crossley reconfirmed the company's previous 2024 guidance including SUBLOCADE net revenue of $820 million to $880 million and approximately 300 basis points of margin expansion at the mid-points of its guidance range.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/cannabis/24/03/37627099/this-nasal-spray-rapidly-reverses-effects-of-fentanyl-overdose-and-no-its-not-naloxone" rel="noreferrer noopener">This Nasal Spray Rapidly Reverses Effects Of Fentanyl Overdose And No,&nbsp;It&#8217;s&nbsp;Not Naloxone</a>
<h2 class="wp-block-heading">Q1 Key Takeaways</h2>
<ul>
<li>Net income amounted to $47 million, versus&nbsp;net income of $44 million in the first quarter of&nbsp;2023.&nbsp;</li>
<li>Operating profit was $65 million, compared to $57 million in the same period last year.&nbsp;</li>
<li>Cash and investment totaled $ 356 million at the end of the first quarter (including$27m restricted for self-insurance), primarily reflecting quarterly net cash outflows related to scheduled litigation settlement payments, shares repurchased and canceled, and taxes paid.</li>
<li>U.S. net revenue increased 15% to $241 million from $209 million in the first quarter of 2023. Strong year-over-year SUBLOCADE volume growth primarily drove the net revenue increase. Pricing was not a material factor in revenue growth.</li>
<li>Rest&nbsp;of&nbsp;world&nbsp;net revenue decreased by 2% to $43 million from&nbsp;the same period last year.&nbsp;</li>
</ul>
Now Read:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/23/10/35239428/publicly-traded-addiction-treatment-co-signs-exclusive-licensing-agreement-with-alar-pharmaceuti" target="_blank" rel="noreferrer noopener">Publicly-Traded Addiction Treatment Co. Signs Exclusive Licensing Agreement With Alar Pharmaceuticals</a>
Photo: Courtesy of Branding Pot via Shutterstock

INDV

Addiction Treatment Company, Indivior, Reports 12% YoY Growth For First Quarter Led By Sublocade Sales

Evercore ISI Group analyst David Palmer maintains Chipotle Mexican Grill (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) with a Outperform and raises the price target from $3200 to $3600.

Evercore ISI Group Maintains Outperform on Chipotle Mexican Grill, Raises Price Target to $3600

TECK

Teck Resources shares are trading lower despite a Q1 earnings miss.

U.S. Treasury Secretary Yellen Says We're On Downward Path For Inflation; Rents Have Stabilized, But A Lot Of People Still Experiencing The Upward Adjustment To Higher Levels; I Have No Doubt That Housing's Contribution To Inflation Will Be Coming Down This Year; Not Seeing That Wage Pressures Are A Source Of Inflation; Certainly Don't See The U.S. Economy As Overheated

WIIM

A.O. Smith shares are trading lower after the company reported mixed Q1 results and reaffirmed its FY24 net sales and adjusted EPS guidance, which were below estimates.