In late trading on Tuesday, Cogstate shares were changing hands for $2.73 apiece. That sees the share price up 53.4% since market close on 21 June 2025, smashing the 0.7% 12-month gains posted by the benchmark index.

And according to Ellerston Capital Australian equities portfolio manager James Barker, the ASX All Ords healthcare share is well-positioned to deliver more outsized gains in the year ahead (courtesy of The Australian Financial Review).

Here's why.

ASX All Ords healthcare share on the growth path

Commenting on Cogstate, a stock his fund owns, Barker said, "This is a relatively undiscovered business as most of its operations are in the US with large global pharma."

As for what the company does, Barker explained:

The company has a digital cognitive assessment platform used in clinical trials for medicines targeting the central nervous system.

The business was historically focused on Alzheimer's disease trials, but it has recently been expanding into other indications such as mood, sleep, psychiatry and rare diseases.

And Barker noted that the ASX All Ords healthcare share has been on the growth path.

"Last week [8 July] it gave an update that showed total contracts signed were up 116% on the prior year, with US$89 million (AU$127 million) of contracts sold for the year," he said.

Summing up his bullish outlook on Cogstate shares, Barker concluded, "We see this as validation that the business is executing well; it's profitable, generating cash and has a share buyback in place."

What's the latest from Cogstate?

Cogstate released its half-year results (H1 FY 2026) on 19 February.

Highlights for the six months to 31 December included a 12% year-on-year increase in revenue to $26.9 million. And earnings before interest, taxes, depreciation and amortisation (EBITDA) of $6.5 million were up 5% from H1 FY 2025.

On the bottom line, the ASX All Ords healthcare share reported a net profit after tax (NPAT) of $4.5 million, up 16% year on year.

As for the balance sheet, Cogstate held $34.1 million in cash as at 31 December.

"These results demonstrate Cogstate's growing momentum and the increasing strength of our competitive position," Cogstate CEO Brad O'Connor said on the day.

O'Connor added:

We're seeing record levels of sales opportunities from an expanded customer base across more therapeutic indications, and those opportunities are converting into meaningful contract wins.

The post Up 53%, here's why this ASX All Ords healthcare share is tipped for more outperformance appeared first on The Motley Fool Australia.

The company is a healthcare service provider focused on optimising brain health assessments, predominantly for clinical trials of novel medicines. 

It has been a shining light in 2026 amongst a weaker ASX healthcare sector. 

Cogstate shares have risen 17% year to date while the S&P/ASX 200 Health Care Index (ASX: XHJ) has fallen almost 20%. 

Bell Potter appears optimistic the growth can continue in the next 12 months. 

Here is what the broker had to say. 

Strong performance continues

According to the broker, the company had another strong quarter.

The company reported new contract sales of US$21.9 million. 

This is the fourth quarter in a row with more than US$20 million in sales. Total contract sales for the year reached US$89 million, which is a record for its Clinical Trials business.

Additionally, the company's revenue backlog (work already contracted but not yet recognised as revenue) grew to US$118.5 million, up 32% from a year ago.

This is important because the business now has more future work secured than ever before.

This was a comfortable beat to our prior expectations and is a 54% increase compared to where FY26 contracted revenue started.

Forecasts lifted

The broker also noted the US$21.9 million in new contracts signed in the latest quarter, US$12.7 million will be recognised as revenue in FY27.

This increases the amount of revenue already locked in for FY27 to US$48.3 million, up from US$35.6 million three months earlier.

Bell Potter says this result was better than expected and means FY27 starts with 54% more contracted revenue than FY26 did.

Because of this stronger starting position, Bell Potter has raised its FY27 revenue forecast by 11% and also increased its FY28 forecast.

Bell Potter now expects EBITDA in FY27 and FY28 to be 19-23% higher than previously forecast, with profit margins improving to the mid-30% range.

Increased upside for ASX healthcare stock

Based on this guidance, Bell Potter has increased its price target on Cogstate shares to $3.70 (previously $3.20). 

The broker has retained its buy recommendation. 

Based on yesterday's closing price, this indicates 37% upside potential for this ASX healthcare stock. 

We were surprised with the soft share price response today following what we considered to be another strong quarterly update with little to scrutinise.

The discount is despite Cogstate's far higher growth rate than peers, now forecast at ~18% annualised over the next 2 years compared to peers ranging from -1% to 8%, i.e. Cogstate has more than double the growth outlook of the next best CRO peer, not to mention a higher NPAT margin (BPe 24%) and no debt.

The post Top broker tips 37% upside for this exciting ASX healthcare stock appeared first on The Motley Fool Australia.

But one ASX tech stock flying under the radar that could be worth getting acquainted with has been named in this article.

Let's see why Bell Potter thinks it could be a buy this week.

Which ASX tech stock?

The tech stock that is being tipped as a buy is Cogstate Ltd (ASX: CGS).

It is a healthcare technology company focused on optimising brain health assessments, predominantly for clinical trials of novel medicines.

Bell Potter notes that the company mostly generates revenue from providing services to biopharma customers conducting clinical trials in central nervous system (CNS) indications. This includes Alzheimer's disease.

It notes that the company held an investor webinar this week, which provided insights into the business and its Orexin opportunity. It said:

As expected, there was minimal new financial data, but rather the presentation focused on qualitative aspects regarding recent tailwinds from (1) channel partnerships with Medidata and others, (2) increased use of CGS's central rating capabilities, and (3) newer indications such as narcolepsy and psychiatry where CGS has been winning more work recently. These three inter-related aspects have been driving contract sales growth and diversification over the last ~12 months (refer to our latest Q3 update for more detail).

Regarding point #3, we have reviewed the clinical-stage drug development landscape in narcolepsy and other orexin-related conditions. We conclude the orexin market reflects at least a ~US$30-40m contract opportunity for CGS over the coming ~3-4 years, for which CGS is very well placed to continue being a leading provider for endpoint management and trial monitoring solutions. Additionally, CGS continues to benefit from partners such as Medidata who are bringing in more contract opportunities, i.e. more 'shots on goal'. These partners are clearly starting to convert into additional wins for CGS (e.g. 62% of sales contracts in 2Q FY26 were driven by these partners).

In light of this, the broker remains very positive on the ASX tech stock and is recommending it to clients.

How much upside does Bell Potter see?

According to the note, Bell Potter has retained its buy rating and $3.20 price target on Cogstate's shares.

Based on its current share price of $2.75, this implies potential upside of 16% for investors over the next 12 months.

While its shares trade on multiples that are in line with peers, Bell Potter believes it has a stronger growth outlook. It commented:

BUY recommendation and $3.20 PT remains unchanged. CGS is trading on ~13.5x EV/EBITDA based on our FY27e, which is in line with the global CRO peer avg, however CGS has a far more attractive growth outlook than these peers.

The post Bell Potter is recommending this ASX tech stock as a buy appeared first on The Motley Fool Australia.

Listed below are two more ASX shares that the broker has just named as best buys for the month ahead. Here's what it is saying about them:

Cogstate Ltd (ASX: CGS)

This digital cognitive assessment-focused healthcare technology company could be an ASX share to buy according to Bell Potter.

It highlights that the company has a significant contracted revenue backlog, which should be supportive of growth in the near term. The broker commented:

Cogstate is a healthcare technology company specialising in digital cognitive assessments, primarily for biopharma clinical trials across central nervous system indications including Alzheimer's disease, rare diseases, and broader CNS conditions. Founded in 1999 and ASX-listed since 2004, the company's core offerings span digital assessments for trial endpoints, rater training and certification, and central monitoring solutions.

CGS has worked with over 160 biopharma customers and is currently active across more than 130 clinical trials. The business model is underpinned by a contracted revenue backlog — currently $92.3m — though revenue recognition can be lumpy given its dependence on trial size, phase, and duration.

Praemium Ltd (ASX: PPS)

Another ASX share that has been named as a best buy in April by the broker is investment platform provider Praemium.

Bell Potter highlights that the company's shares are attractively priced at around 16x forward earnings and suspects that a re-rating could take place if it continues to grow its market share and funds under administration (FUA).

Commenting on the company, the broker said:

Praemium Ltd was formed in 2001 as a financial technology company that operates an investment platform offering alongside a branded online portfolio administration service, supporting financial intermediaries and individual investors in their managing wealth. The integrated technology simplifies portfolio management end-to-end and delivers a complete value proposition. Today, PPS manages +$60bn in custodial and non-custodial FUA.

While Praemium has demonstrated commercial momentum, strong growth capacity, and a leading technology offering, its valuation continues to lag key peers. This stock looks very attractive at a 12MF PE of ~15.9x, and we expect the market to catch on as the company executes on further market share gains and FUA growth.

The post Bell Potter names more of the best ASX shares to buy in April appeared first on The Motley Fool Australia.

The ASX healthcare stock was one of many ASX shares to enjoy a strong rebound after President Trump set a deadline for Iran to reopen the Strait of Hormuz. 

Cogsgate shares jumped an impressive 12% during yesterday's trading session.

Why did Cogstate shares climb yesterday? 

It seems investors were reacting positively to not only international market tailwinds but also to the company's 3Q26 Business Update. 

Cogstate is a neuroscience technology company specialising in brain health assessments. The principal activity of the company is the sale of technology and services to measure cognition.

In yesterday's release, the company said it continues to demonstrate strong demand across an expanding range of Central Nervous System (CNS) indications, consistent with trends outlined with the release of the 1H26 financial results.

The company reported total contracted revenue as at 31-Mar-26 has increased, reflecting the sales contracts executed during the quarter: 

• Contracted revenue for the June 2026 half year (2H26), including revenue recognised during 3Q26, is $29.1 million, up from $21.7 million under contract at 31-Dec-25
• This brings full-year FY26 revenue under contract (including first half actual of $26.9 million) to $56.0 million (FY25 total revenue was $53.1 million)  
• Contracted revenue for next financial year (FY27) is $35.6 million, up from $27.0 million under contract at 31-Dec-25

What did Bell Potter have to say?

Following this release, the team at Bell Potter provided updated guidance on Cogsgate shares. 

The broker said the strong sales momentum is continuing for the healthcare stock, with the recent results representing the best quarter of new sales in at least 3 years. 

Bell Potter said it was clearly a positive update, which increases confidence that the diversification and strong momentum seen in 1H26 were not just a 'one-off' and further growth in the revenue backlog looks likely.

Following the strong sales update, the broker has lifted its FY27 revenue forecast by 3% and its FY28 forecast by 5%.

Our updated FY26 forecast implies $3.2m of in-period additions in Q4 which seems quite achievable.

Buy recommendation intact

The broker also reiterated its buy recommendation for Cogsgate shares, along with increasing its price target to $3.20 (previously $2.90). 

The broker said the company is trading at a discount to global peers (13x on avg) despite having a far more attractive topline growth outlook. 

Based on yesterday's closing price of $2.40, Bell Potter's updated price target indicates a potential upside of 33%. 

The post Are Cogsgate shares a buy, hold or sell after rocketing 12% higher yesterday? appeared first on The Motley Fool Australia.

The gain follows a quarterly business update that highlighted continued strength in clinical trial contract activity and improving future revenue visibility.

In afternoon trade, the stock is changing hands at $2.30, up 7.48%.

That brings the company's market capitalisation to roughly $393 million and extends its 12-month gain to just over 70%.

Let's take a closer look at what was announced.

Sales contracts keep building in FY26

According to its third-quarter business update, Cogstate executed US$25.4 million in sales contracts during the March quarter.

That brings total sales contracts executed over the first 9 months of FY26 to US$67.1 million. That is well ahead of the US$41.3 million recorded over the same period a year earlier.

It also marked the company's strongest March quarter contract result in recent years. The result extends the momentum seen in the first-half as demand broadened across its central nervous system (CNS) trial work.

Another closely watched metric is contracted future revenue.

Cogstate said FY26 revenue under contract had risen to US$67.1 million as at 31 March, up from US$53.1 million at 31 December.

Within that, revenue already locked in for the June quarter increased to US$35.6 million, compared with US$27 million previously.

Broader trial demand is supporting confidence

The latest update reinforces the strength of the company's clinical trials pipeline rather than pointing to a one-off contract win.

Cogstate's technology is used by pharmaceutical and biotech groups running CNS-focused trials, including Alzheimer's disease, mood disorders, sleep conditions, and other neurological programs.

The business has increasingly benefited from a broader mix of trial work outside Alzheimer's. Investors appear to favour this because it improves diversification and reduces reliance on any single drug development cycle.

With the stock still below its 52-week high of $2.97, today's gain suggests investors are responding to improving revenue visibility.

Foolish Takeaway

I believe Cogstate remains a stock worth buying and holding for the long term, particularly as revenue certainty continues improving.

The steady lift in sales contracts and stronger revenue already locked in for the June quarter both support a more reliable earnings outlook. Broader demand beyond Alzheimer's also points to a business generating steadier revenue over time, which could be a major win for shareholders.

After a 70% gain over the past year, the latest update supports the market view that Cogstate's longer-term growth outlook remains very attractive.

The post This ASX healthcare stock is up 70% in a year and climbing again today appeared first on The Motley Fool Australia.

Four ASX shares that have managed to avoid the selloff are listed below. Here's why they are rising:

Amplitude Energy Ltd (ASX: AEL)

The Amplitude Energy share price is up 1.5% to $2.66. This morning, this natural gas company released an update on drilling operations at the Isabella prospect in the offshore Otway Basin in Victoria. Preliminary data collected implies high deliverability and low CO2 levels in the Isabella reservoir. It said: "The gas water contact is currently interpreted as being below the Waarre C reservoir intersection, with technical results to date indicating potential for a larger gas accumulation than that implied by the Waarre C reservoir intersection alone, which supports the Joint Venture progressing to a flow test to confirm minimum gas volume and reservoir pressure."

Cogstate Ltd (ASX: CGS)

The Cogstate share price is up almost 2.5% to $2.16. This may have been driven by a broker note out of Bell Potter. It has named the healthcare technology company specialising in digital cognitive assessments as one of its best buys for March. It said: "The stock is trading at ~11x forward EV/EBITDA which looks very undemanding relative to local small cap healthcare peers (>30x avg) and large global peers (~13x avg with lower growth). The company has an impressive NAPT margin of 19% in FY25 and is well poised for leverage off the back of its second-best ever half of new sales in 1H26 which grew revenue backlog up to US$92m."

Dexus Convenience Retail REIT (ASX: DXC)

The Dexus Convenience Retail REIT share price is up 1% to $2.79. This morning, the REIT revealed that it intends to undertake an on-market buy-back with an initial target of 2.5% of securities on issue. DXC Fund Manager, Pat De Maria, said: "Around current trading levels, we believe that an on-market securities buy-back represents a compelling return on capital and further enhances value for existing securityholders."

Santos Ltd (ASX: STO)

The Santos share price is up 3% to $7.68. Investors have been buying Santos and other ASX energy shares on Monday after oil prices raced beyond US$100 per barrel. According to CNBC, the WTI crude oil is currently up 20% to US$109.12. This has been driven by news that major Middle Eastern oil producers, including Kuwait, Iran, and the United Arab Emirates, have cut oil production following the closure of the Strait of Hormuz.

The post Why Amplitude Energy, Cogstate, Dexus Convenience Retail, and Santos shares are charging higher appeared first on The Motley Fool Australia.

That's because the broker has just released its latest top Australian picks from the smaller side of the market. These are its panel of favoured small-cap ASX shares that it believes offer attractive returns over the long term.

Two that make the list in March are named below. Here's why it is bullish on them:

Cogstate Ltd (ASX: CGS)

Bell Potter has added Cogstate to its best ideas list in March. It is a healthcare technology company specialising in digital cognitive assessments. These are primarily for biopharma clinical trials across central nervous system indications including Alzheimer's disease, rare diseases, and broader CNS conditions.

The broker believes there are a number of tailwinds that should be supportive of the strong pipeline momentum it reported in the first half. The broker explains:

We add Cogstate (CGS) as a high-quality healthcare service provider in the clinical trials industry. We see several positive thematics likely to maintain the strong pipeline momentum seen in 1H26, including: 1) ongoing industry R&D in Alzheimer's disease where CGS has clear expertise and leadership, 2) continued diversification beyond Alzheimer's into a broader range of indications, and 3) expanded customer access via channel partners such as Medidata.

The stock is trading at ~11x forward EV/EBITDA which looks very undemanding relative to local small cap healthcare peers (>30x avg) and large global peers (~13x avg with lower growth). The company has an impressive NAPT margin of 19% in FY25 and is well poised for leverage off the back of its second-best ever half of new sales in 1H26 which grew revenue backlog up to US$92m.

Praemium Ltd (ASX: PPS)

Another ASX share that Bell Potter is recommending to clients is Praemium. It is a financial technology company that operates an investment platform offering alongside a branded online portfolio administration service. It currently manages over $60 billion in custodial and non-custodial FUA.

Bell Potter believes that Praemium's shares are undervalued, especially compared to its peers. But the broker doesn't expect it to stay that way for long. It explains:

While Praemium has demonstrated commercial momentum, strong growth capacity, and a leading technology offering, its valuation continues to lag key peers. This stock looks very attractive at a 12MF PE of ~15.9x, and we expect the market to catch on as the company executes on further market share gains and FUA growth.

The post Bell Potter names the best ASX shares to buy in March appeared first on The Motley Fool Australia.

The team at Canaccord Genuity has had a look at the result and likes what they see, reiterating a bullish share price target for the company's shares.

So let's have a look at what was reported.

Solid profit growth

Cogstate reported group revenue of $26.9 million, up 12% on the previous corresponding period, while net profit was up 16% to $4.5 million.

The company also said it executed clinical trials and sales contracts worth $4.17 million, up 105%, with contracted future revenue increasing to $104.9 million.

Cogstate said regarding the result:

Cogstate continues to demonstrate strong growth with compelling evidence of maturing operational leverage. The business is increasingly well positioned to win market share with CNS (central nervous system) drug commercialisation expected to be among the fastest growing areas of pharmaceutical research and development spending, second only to oncology.  

Gostate chief executive officer Brad O'Connor said the company had good momentum and an increasingly strong competitive position.

He added:

We're seeing record levels of sales opportunities from an expanded customer base across more therapeutic indications, and those opportunities are converting into meaningful contract wins. The quality of our sales performance is as important as the quantum. With 45% of our 1H26 contracts coming from mood, sleep and neurological conditions beyond Alzheimer's disease, we're demonstrating the diversification and repeatability that creates long-term value. Our investments in channel partnerships, scientific expertise across new indications, and our proven track record of delivering successful large-scale trials are all translating into tangible commercial results.

Shares looking cheap

The team at Canaccord Genuity ran the ruler over the results, and they like what they see.

They have maintained their buy recommendation on the shares, with a price target of $3.15.

They said in a note to clients sent out this week:

The company's interim result likely doesn't elucidate the growing moat in Cogstate's business, and how that could emerge over the coming years in its profit and loss. The type of business being secured by Cogstate is more diversified (expansion outside of Alzheimer's Disease), and increasingly more predictable. This allows investors (and us) to frame Cogstate based on its core business, and recognize the large, and somewhat irregular, Phase III Alzheimer's' Disease trials as additional (big) sugar hits on top of a quality underlying business.

Cogstate was valued at $373.9 million at the close of trade on Monday.

The post This clinical trial company is a buy following its first half results, one broker says appeared first on The Motley Fool Australia.

Both companies released half-year results this week, leading to massive share price gains. 

Let's see what investors were reacting to. 

Cogstate

Cogstate is a neuroscience technology company specialising in brain health assessments. The principal activity of the company is the sale of technology and services to measure cognition.

It released 1H FY26 results yesterday, which included: 

• Group Revenue of $26.9m, up 12% on previous corresponding period ($23.9m)
• Net Profit After Tax of $4.5m, up 16% on pcp ($3.9m)
• EBITDA of $6.5m, up 5% on pcp ($6.2m) with an EBITDA margin of 24% (pcp 26%)

Cogstate CEO, Brad O'Connor, said: 

These results demonstrate Cogstate's growing momentum and the increasing strength of our competitive position. We're seeing record levels of sales opportunities from an expanded customer base across more therapeutic indications, and those opportunities are converting into meaningful contract wins.

Investors were gobbling up this ASX small-cap stock following the results as the share price climbed 8.7% on Thursday. 

Austco Healthcare

Austco Healthcare engages in the development, manufacture, and supply of hardware relating to healthcare and electronic communications systems. 

The company reported H1 FY26 results on Wednesday, which included: 

• Revenue from customers up 30.7% to $48.2 million
• EBITDA grew 60.1% to $8.3 million
• Net profit before tax up 62.1% to $6.3 million

This ASX small-cap obviously impressed investors with these numbers, as the share price has risen 20.3% since the announcement. 

What are brokers saying about these ASX small caps?

Following the results, brokers released fresh guidance on both of these small-cap shares. 

In a note out of Morgans, the broker was impressed with the results from Cogstate. 

It said the company posted a strong 1H26 result and expects a stronger 2H than previously anticipated. 

CGS continues to broaden the number of indications it targets, which in turn is generating an increase in sales contracts. In the 1H26, US$41.7m of sales contracts were executed across Alzheimer's (38%); Mood, Sleep & Other Neurology (45%); Rare Disease (15%); and Cancer (2%). We note the FactSet consensus target price is A$3.08, which represents 41% upside to the last close.

On Wednesday, Bell Potter released updated guidance on Austco Healthcare shares. 

The broker said the company is delivering on the key catalysts of conversion, efficiency, product enhancements, and geographic expansion. 

The strong performance of the acquired businesses and the 5-yr revenue target of $250m pa leads to the possibility of more M&A. Given undemanding trading multiples, and material upside, the share price presents as an attractive entry point.

Bell Potter reiterated its buy recommendation and $0.55 price target on this ASX small cap. 

From yesterday's closing price, that indicates an upside of 44.7%. 

The post These two ASX small caps shot higher 8%-20% on earnings results appeared first on The Motley Fool Australia.

That's the view of analysts at Bell Potter, who have just slapped a buy rating on its shares.

Which ASX All Ords stock?

The stock that the broker is bullish on is Cogstate Ltd (ASX: CGS).

Bell Potter highlights that this ASX All Ords stock is a highly specialised and leading service provider to over 100 global biopharma customers in the clinical trials industry.

Its core offerings include digital endpoint assessments, clinician training, and central monitoring solutions. The company operates predominantly in Central Nervous System (CNS) conditions, where trial endpoints are more subjective than other disease areas such as oncology.

What is the broker saying?

Bell Potter was pleased with Cogstate's performance during the first half of FY 2026 and highlights its sizeable revenue backlog.

The good news is that the broker believes there are a number of positive thematics supporting this momentum in the coming years. It explains:

The strong increase in 1H26 new contract sales ($41.7m) resulted in a +$16.0m increase to CGS's revenue backlog (now $92.3m). We see several positive thematics supporting this momentum in the years ahead, driving our forecasts of 11%/10% revenue growth in FY26/27 and EPS growth of ~21% in FY27.

These thematics include: (1) the number of Alzheimer's disease clinical trials is expected to continue growing over the coming years; (2) CGS diversifying revenue across a variety of CNS indications beyond Alzheimer's; (3) leveraging the Medidata strategic collaboration to drive new sales opportunities; and (4) remaining one of few fully independent providers not tied to a global CRO following recent M&A activity in the sector.

Big potential returns

According to the note, the broker has initiated coverage on the ASX All Ords stock with a buy rating and $2.90 price target.

Based on its current share price of $2.17, this implies potential upside of 34% for investors over the next 12 months.

Commenting on its buy recommendation, Bell Potter said:

We re-initiate coverage of CGS with a BUY recommendation and $2.90 PT. Cogstate is a highly profitable company (~19% NPAT margin) trading on attractive multiples relative to domestic and global peers. The forward EV/EBITDA of ~11x is well below the domestic peer average of >20x and below the global CRO avg of ~14x, notwithstanding its attractive growth outlook.

Our PT is comfortably supported by the DCF valuation (9.0% WACC, 3.0% TGR). Considering the recent pull back across software and speculative healthcare names, CGS provides a compelling investment case by virtue of its existing profitable business, attractive valuation, and multiple positive thematics.

The post Bell Potter just initiated coverage on this exciting ASX All Ords stock with a buy rating appeared first on The Motley Fool Australia.

Four ASX shares that are rising more than most today are listed below. Here's why they are storming higher:

Cogstate Ltd (ASX: CGS)

The Cogstate share price is up 7% to $2.35. Investors have been buying this neuroscience technology company's shares following the release of preliminary results for the first half of FY 2026. Cogstate reported a 12% increase in total revenue to $26.9 million, which is ahead of its guidance range of $25 million to $26 million. Cogstate's CEO, Brad O'Connor, said: "Cogstate's momentum continues to grow. We continue to see a record level of new sales opportunities from an expanded customer base across more indications, and those opportunities have translated into an increased value of sales contracts executed in the December half year."

DroneShield Ltd (ASX: DRO)

The DroneShield share price is up 7% to $4.63. This may have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has retained its buy rating on the counter-drone technology company's shares with an improved price target of $5.00. Bell Potter said: "We believe the key catalyst for DRO in CY26 is the potential awards stemming from the US Public Safety market, notably from the US$250m funds allocated to states hosting the FIFA World Cup and the America 250 events for C-UAS protection. We would be disappointed if DRO did not receive material awards from these events."

Premier Investments Ltd (ASX: PMV)

The Premier Investments share price is up 8.5% to $13.85. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has upgraded this retailer's shares to an outperform rating with a $16.20 price target. This implies potential upside of 17% even after today's gain. Macquarie believes the Peter Alexander and Smiggle owner's shares are undervalued after significant weakness.

South32 Ltd (ASX: S32)

The South32 share price is up 4% to $4.36. This follows the release of the mining giant's first half update this morning. South32 reported a 3% increase in alumina production, a 2% lift in aluminium production, and a 58% jump in manganese production. South32's CEO, Graham Kerr, said: "We continued to deliver consistent operating results, with FY26 production guidance maintained across our operated assets and first half operating unit costs tracking in line with guidance."

The post Why Cogstate, DroneShield, Premier Investments, and South32 shares are storming higher appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Cogstate Ltd (ASX: CGS)

The Cogstate share price is down 19% to $2.03. Investors have been selling the neuroscience technology company's shares following the release of a disappointing business update. Due to timing-related deferrals, Cogstate expects first half total revenue to be in the range of $25 million to $26 million. This is an increase of only 5% to 9% on the prior corresponding period, which is short of its previous guidance for between 18% and 20% revenue growth. And with management expecting costs to increase and put pressure on margins, its earnings will also be well short of what the market was forecasting.

European Lithium Ltd (ASX: EUR)

The European Lithium share price is down 5% to 18 cents. This morning, this critical metals company revealed that a term sheet has been executed for a 50%-50% joint venture between Critical Metals Corp (NASDAQ: CRML) and Fabrica de Prelucrare a Concentratelor de Uraniu of Romania. The latter is a state-owned entity and strategic partner. European Lithium owns approximately 45% of Critical Metals Corp. Its flagship Tanbreez project is one of the world's largest, rare earths deposits and is located in Southern Greenland. Broad weakness in the rare earths industry today appears to be overshadowing this.

GQG Partners Inc (ASX: GQG)

The GQG Partners share price is down 2.5% to $1.73. This follows the release of the fund manager's latest funds under management (FUM) update this morning. According to the release, GQG Partners' FUM grew approximately 1.5% to US$166.1 billion during the month of November. While this is positive, the FUM growth was all performance related, with the company continuing to experience outflows. The company recorded a total monthly fund outflow of US$2.4 billion for November, with weakness across all four segments.

Lindian Resources Ltd (ASX: LIN)

The Lindian Resources share price is down almost 5% to 36.2 cents. This is despite the rare earths company announcing that it has completed the final US$10 million tranche payment for the acquisition of Rift Valley Resource Developments Limited. It is the Malawian company that holds 100% ownership of the Kangankunde Rare Earths Project. The company's executive chair, Robert Martin, commented: "Achieving 100% ownership of Kangankunde marks another important milestone in Lindian's journey. This structure provides clear alignment of our operational entities under which recent contracts have been secure, and with Stage 1 construction advancing rapidly and Stage 2 studies well underway, this consolidation provides full strategic and operational control as we move toward first production on what is one of the rare earth industry's most significant development projects."

The post Why Cogstate, European Lithium, GQG Partners, and Lindian Resources shares are falling today appeared first on The Motley Fool Australia.

In morning trade, investors have sold this share down by as much as 30% to $1.75.

Which ASX All Ords share?

The share that is crashing down to earth on Wednesday is Cogstate Ltd (ASX: CGS).

It is a neuroscience technology company aiming to optimise brain health assessments to advance the development of new medicines and to enable earlier clinical insights in healthcare.

The company highlights that its technologies provide rapid, reliable, and highly sensitive computerised cognitive tests across a growing list of domains. These support partners in the delivery of electronic clinical outcome assessment (eCOA) solutions that replace costly and error-prone paper assessments with real-time data capture.

Why is it crashing?

Investors have been selling down the ASX All Ords share following the release of a disappointing business update.

According to the release, timing-related deferrals are expected to have a short-term impact on reported revenue and profitability in the first half of FY 2026.

It notes that Clinical Trial sales contracts are progressing well and it expects to execute sales contracts of approximately $37 million to $40 million during the first half. This represents 82% to 97% growth on the prior corresponding period. It will also be the company's second-best half-year result for contracts executed.

This performance is being supported by a record level of pipeline opportunities and ongoing conversion of those opportunities into contracted work.

However, timing delays are expected to impact revenue recognition in the half. This is primarily due to contracts signed late in the December quarter, which provide limited time for revenue to be recognised within the period.

Additionally, management notes that the mix of revenue is a contributing factor. Upfront license fees will represent a smaller share of revenue, with license revenue expected to be approximately 19% to 20% of total revenue in the first half. This is consistent with the 19% recorded in the prior corresponding period, but down from 31% in the second half of FY 2025.

As a result, total revenue for the first half of FY 2026 is now forecast to be in the range of $25 million to $26 million. This is an increase of approximately 5% to 9% on the prior corresponding period. Disappointingly, it falls short of its previous guidance for between 18% to 20% revenue growth.

Making things worse is that management expects its costs to be higher during the half, putting pressure on its margins. For example, its EBIT margin is expected to be 14% to 17.5%, compared to 28% during the second half of FY 2025.

Cogstate's CEO, Brad O'Connor, commented:

Cogstate's future has never looked brighter. We are seeing a record level of opportunities from an expanded customer base and across more indications, and those opportunities are now translating into higher levels of sales contracts.

The expected value of sales contracts to be executed in this December half is the second-highest half-year result in the company's history and is a higher quality outcome because of the diversity of contracts. Our best half-year for contract sales was the December 2021 half, when we executed $54.5 million of sales contracts, with more than $30 million attributable to a single large trial. In contrast, the largest contract executed in the current half is just over $6 million.

The post Why is this ASX All Ords share crashing 30% today? appeared first on The Motley Fool Australia.

A business like Commonwealth Bank of Australia (ASX: CBA) may find it challenging to double its profit quickly because of how large it already is and the difficulty in expanding its market share further.

However, small businesses are much earlier on in their growth journeys and could deliver significant returns.

It's the companies growing rapidly that could be ones to watch closely. Let's look at the two with explosive growth.

Cogstate Ltd (ASX: CGS)

This ASX small-cap share describes itself as a neuroscience technology company that's optimising brain health assessments to advance the development of new medicines and to enable earlier clinical insights in healthcare.

It provides computer-based cognitive tests across a growing list of domains and support partners for delivering electronic clinical outcome assessment solutions to replace "costly and error-prone paper assessments".

The company's offering is clearly resonating. In FY25, the company delivered year-over-year revenue growth of 22% to $53.1 million.

Pleasingly, the company's profit margins are improving, which suggests the bottom line can expand at a much faster rate than the top line over the long-term. FY25 operating profit (EBITDA) climbed by 72% to $16 million, while net profit before tax soared 96% to $13.9 million.

It also reported a strong start to FY26, with $14.1 million of new sales contracts executed since 1 July 2025, taking revenue under contract that's expected to be recognised in FY26 to $35.9 million.

The company plans to continue investing for growth, which I think bodes well for the ASX small-cap share.

Smart Parking Ltd (ASX: SPZ)

Smart Parking describes itself as a technology innovator within the parking management industry. It has offices in the UK, Denmark, Germany, Australia, New Zealand and the US.

Its managed services division operates and manages tens of thousands of car park spaces using automatic number plate recognition and licence plate recognition. It fully integrates parking, guidance, payment and analytics with other services.

The company is delivering strong growth for shareholders, with revenue rising 42% to $77.2 million, adjusted operating profit (EBITDA) climbed 47% to $20.5 million, adjusted free cash flow up 15% to $13.3 million and earnings per share (EPS) growth of 37% to 1.45 cents.

The ASX small-cap share also announced a strong start to FY26, with July 2025 showing revenue growth of 73% to $9.8 million and adjusted EBITDA surged 60% to $3 million.

The company could grow significantly thanks to a combination of winning more sites in existing markets, entering new countries and growing margins.

The post 2 exciting small-cap ASX shares that are growing quickly appeared first on The Motley Fool Australia.

The shares opened higher this morning and have maintained gains as investors digest the company's numbers.

Here's the breakdown of Cogstate's annual numbers, and what the company sees for the coming 12 months.

Cogstate share price reacts to FY25 performance

Investors have bid up the Cogstate share price in Friday's trade following a decent set of numbers. They key takeouts are as follows:

• Group revenue of $53.1 million, up 22% year-on-year.
• Net profit before tax nearly doubled to $13.9 million, up 96% on the prior corresponding period (pcp).
• Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 72% to $16 million, with a margin of 30.1%, up 8.7 percentage points.
• Clinical Trials new contract sales surged 53% to $41.3 million.
• Contracted revenue for FY26 expected to reach $31.5 million, up 8.4% on pcp.
• Maiden fully franked dividend of A$0.02 per share declared.

What else happened in FY25?

The Cogstate share price is tracking higher today, with the company's FY25 results underlined by growth in Clinical Trials revenue. This rose 28% to $50.6 million, partially offset by a 37% decline in Healthcare segment revenue due to amendments to a licensing agreement with Japanese company Eisai.

Operational efficiency and disciplined cost management supported margin expansion, with EBITDA growth of 72% outpacing revenue growth of 22% for the year.

Cogstate also entered into a strategic partnership with Medidata, expanding its reach in Central Nervous System (CNS) clinical research on a global scale.

The company also prepared to launch its first AI-powered products in FY26, leveraging this technology to improve data quality and signal detection for clinical trials.

Cash generation was another takeout, with the company producing $5.4 million, after a $4.8 million share buy-back. Meanwhile, it ended with $35 million in cash on the balance sheet.

But perhaps the biggest takeout for the Cogstate share price, was the company's maiden fully franked dividend.

This marks a first for shareholders, with the company agreeing to pay 2 cents in dividends per share. It intends to continue this, along with "continuing to allocate capital to product and service development that supports growth".

This includes more share buy backs into the future, and targeting a payout ratio of around 20-50% of net profit for future dividend payments.

What did management say?

Cogstate CEO, Brad O'Connor, commented:

FY25 was a transformative year for Cogstate, as we delivered record results while strengthening the foundations for sustainable, long-term growth through innovation and relationships. Our performance demonstrates the value of our diversified contract pipeline, disciplined focus on highmargin recurring revenues, and ongoing commitment to innovation. With momentum building across CNS clinical trials, a deepening strategic partnership with Medidata, and our upcoming launch of AI-powered solutions, Cogstate
is exceptionally well placed to advance brain health globally and deliver increasing value for all stakeholders in FY26
and beyond.

What's next?

Cogstate enters FY26 with $35.9 million in revenue under contract, including $14.1 million of new sales since 1 July 2025.

Management plans to continue investing in science resources, Asia-Pacific expansion, data engineering, and AI development.

While these investments may slightly compress margins (0–3 percentage points), they are expected to drive long-term growth.

According to the release, "Management expects revenue growth to continue but no specific guidance is provided at this time, pending execution of additional sales contracts to provide greater certainty in respect of timing of revenue". This could be positive for the Cogstate share price.

Cogstate share price snapshot

The Cogstate share price is catching a bid today following its FY25 numbers. The gains are supported by record revenue, improving margins, and strategic partnerships, along with its maiden dividend.

Over the past 12 months, the stock is up 75%,

The post Cogstate share price jumps 5% on FY25 results appeared first on The Motley Fool Australia.

Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:

Alliance Aviation Services Ltd (ASX: AQZ)

The Alliance Aviation share price is up 8% to $2.33. This morning, this aviation services company announced a binding sale and purchase agreement with Beautech Power Systems for the sale of 12 General Electric CF34-10 engines. The total consideration for this transaction is approximately $62.3 million, with the final amount subject to standard adjustments for delivery conditions and exchange rates. Management notes that the sale of these engines will lead to a significant reduction in the net debt position of the company.

Cogstate Ltd (ASX: CGS)

The Cogstate share price is up almost 10% to $1.48. The catalyst for this has been the release of an update on the neuroscience technology company's guidance for FY 2025. Thanks to a stronger than expected finish to the year, Cogstate now expects its revenue to be between US$52 million and US$54 million in FY 2025. This represents a 20% to 24% increase over the previous year. Growing at an even quicker rate is the company's profit. Management advised that profit before tax is forecast in the range of US$12 million to US$14 million. This is a significant improvement of 69% to 97% compared to FY 2024.

Collins Foods Ltd (ASX: CKF)

The Collins Foods share price is up 19% to $8.64. Investors have been buying this KFC restaurant operator's shares after it released its full year results for FY 2025. Collins Foods reported a 2.1% increase in sales to $1,519.5 million but a 14.8% decline in underlying net profit after tax to $51.1 million. Nevertheless, the latter was comfortably ahead of the $44.3 million that analysts at Macquarie were expecting. Looking ahead, the company revealed that it is targeting year-on-year group underlying net profit after tax growth in the low to mid-teens in FY 2026.

Findi Ltd (ASX: FND)

The Findi share price is up 11% to $4.25. This morning, this payments company announced that it has selected DAM Capital Advisors and Ambit Private as book running lead managers for the initial public offering (IPO) of its Indian subsidiary, Transaction Solutions International. Findi's executive chairman, Nicholas Smedley, said: "The selection of DAM Capital and Ambit Private Limited as Book Running Lead Manager for the IPO of TSI is an important milestone in our strategy to bring TSI to the public markets in India and unlock value for Findi shareholders."

The post Why Alliance Aviation, Cogstate, Collins Foods, and Findi shares are roaring higher today appeared first on The Motley Fool Australia.

In morning trade, the widely followed index is up 1.1% to 8,786.2 points. This has been driven by news of a ceasefire between Israel and Iran.

One ASX All Ords stock that is delivering an even stronger gain for its shareholders is Cogstate Ltd (ASX: CGS).

At the time of writing, the neuroscience technology company's shares are up 15% to a 52-week high of $1.55.

What is Cogstate?

Before we tackle why its shares are rising strongly today, let's just look at what Cogstate actually does.

The ASX All Ords stock describes itself as a neuroscience technology company optimising brain health assessments to advance the development of new medicines and to enable earlier clinical insights in healthcare.

Its technologies provide rapid, reliable and highly sensitive computerised cognitive tests across a growing list of domains and support electronic clinical outcome assessment (eCOA) solutions to replace costly and error-prone paper assessments with real-time data capture.

In addition, it notes that its clinical trials solutions include quality assurance services for study endpoints that combine innovative operational approaches, advanced analytics and scientific consulting.

Why is this ASX All Ords stock jumping?

Investors have been fighting to get hold of the company's shares today this morning after it released an update on its guidance for FY 2025.

According to the release, the second half of FY 2025 has been stronger than expected. As a result, the company expects its revenue to be in the range of US$28.1 million to US$30.1 million in revenue and US$6.8 million to US$8.8 million in profit before tax.

This reflects a strong performance across the company's core business segments.

In light of the above, the ASX All Ords stock now expects its revenue to be between US$52 million and US$54 million in FY 2025. This represents a 20% to 24% increase over the previous year.

Profit before tax is forecasted to range from US$12 million to US$14 million, a significant improvement of 69% to 97% compared to FY 2024.

Following today's gain, this ASX All Ords stock is now up a sizeable 37% since this time last year. To put that into context, a $10,000 investment this time last year would now have turned into a sizeable $13,700.

The post Which ASX All Ords stock is up 15% on guidance upgrade? appeared first on The Motley Fool Australia.

Most investors are familiar with the primary way that an ASX share can return capital to its investors: by paying out dividends. But share buybacks can be just as lucrative as a dividend, and could even be preferable in some circumstances.

Even the legendary investor Warren Buffett has frequently discussed his love of share buybacks and why he favours a buyback over paying out a dividend at his company Berkshire Hathaway.

How does a share buyback work?

A share buyback is, well, all in the name. A company buys back its own shares on the open market, just as any other investor would. However, instead of holding the shares over time, as you or I might, the company retires or destroys them.

This has several consequences. Firstly, by reducing the supply of available shares, a share buyback puts upward pressure on the company's share price. That's because, under the laws of supply and demand, reduced supply leads to higher prices. So that's one win for shareholders.

Fewer shares also mean that all remaining shareholders see their actual ownership of the company rise. Say I own 10 shares of Company X, and Company X has a total of 100 shares outstanding. As such, I would own 10% of the company.

But if Company X buys back 10 shares from the open market, and retires them, there are now only 90 shares outstanding. I still own my 10 shares, but instead of a 10 % ownership, I now own 11.11%. That entitles me to more of the company's earnings and dividends as a result. And, unlike a dividend, this all happens without me having to pay any tax.

If a company makes a habit of buying back its own stock, it can have a huge impact on shareholder returns over time.

Which ASX stocks have been buying back their own shares in 2023?

So let's talk about which ASX shares have been buying back their own stock in 2023 so far.

Luckily for us, we don't have to sift through ASX notices to find out. The data has been compiled for us by S&P Market Intelligence. So here is a list of some of the ASX shares that have conducted share buybacks in 2023 to date:

• Amcor plc (ASX: AMC)
• Cochlear Limtied (ASX: COH)
• Qantas Airways Limited (ASX: QAN)
• Australian Foundation Investment Co Ltd (ASX: AFI)
• Eagers Automotive Ltd (ASX: APE)
• AMP Limited (ASX: AMP)
• Pinnacle Investment Management Group Ltd (ASX: PNI)
• Objective Corporation Ltd (ASX: OCL)
• Helia Group Ltd (ASX: HLI)
• Temple & Webster Group Ltd (ASX: TPW)
• Djerriwarrh Investments Ltd (ASX: DJW)
• Estia Health Ltd (ASX: EHE)
• Kogan.com Ltd (ASX: KGN)
• OFX Group Ltd (ASX: OFX)
• Mayne Pharma Group Ltd (ASX: MYX)
• AMCIL Limited (ASX: AMH)
• Garda Diversified Property Fund (ASX: GDF)
• US Masters Residential Property Fund (ASX: URF)
• Cogstate Limited (ASX: CGS)

Many of these shares, including Qantas, Cochlear, Eagers Automotive, and Kogan, have had exceptionally strong share price growth this year so far. And from what we know about buybacks, there's little doubt that these were at least partially assisted by the companies' actions in buying back their own stock.

The post Returning capital: These ASX companies have been buying back their shares in 2023 appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why these shares are rising:

CogState Limited (ASX: CGS)

The CogState share price is up 13% to $1.72. Investors have been scrambling to buy this neuroscience technology company's shares after Eli Lilly and Company announced positive results from a Phase 3 study in Alzheimer's disease. Its investigational treatment, donanemab, significantly slowed cognitive and functional decline in people with early symptomatic Alzheimer's disease. This bodes well for demand for CogState's services.

Jumbo Interactive Ltd (ASX: JIN)

The Jumbo share price is up 5.5% to $14.33. This morning, Goldman Sachs responded positively to this lottery ticket seller's trading update by reiterating its buy rating with an improved price target of $16.10. Goldman was pleased with Jumbo's proposed pricing changes, which the broker expects to have a positive impact on its earnings outlook.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is up 3.5% to $8.32. This is despite the struggling fund manager releasing another bleak funds under management (FUM) update this morning. Magellan advised that it experienced net outflows of $2.4 billion during April. Though, thanks to favourable market movements, its FUM only declined by $500 million month on month.

St Barbara Ltd (ASX: SBM)

The St Barbara share price is up 10% to 70.25 cents. This follows a rise in the gold price, which is lifting the whole industry today. In addition, the gold miner has put its shares in a trading halt this afternoon. This appears to be related to news involving gold developer Genesis Minerals Ltd (ASX: GMD), which has also been paused from trade.

The post Why CogState, Jumbo, Magellan, and St Barbara shares are rising today appeared first on The Motley Fool Australia.