Morgans has a speculative buy rating on Epiminder Ltd (ASX: EPI), and a hefty share price target which we'll get to shortly.

First let's have a look at why they like the company so much.

Strong clinical trial progress

Epiminder is in the process of commercialising its Minder system, which is an implantable, minimally invasive EEG monitoring device designed to aid in the treatment of epileptic seizures.

The company listed on the ASX late last year, and the stock is down 79.3% since then.

Epiminder recently published a trading update which announced that the 50^th person had been enrolled in its DETECT clinical study in the US.

The milestone was ahead of schedule and the company added that 20 sites in the US were now actively enrolling patients.

 The company said:

DETECT is a prospective, randomised, controlled, blinded, multi-centre US clinical study evaluating the FDA-approved Minder System as a tool to improve clinical decision-making for patients with epilepsy following an inconclusive prolonged electroencephalographic (EEG) monitoring assessment.

Epiminider Chief Executive Officer Rohan Hoare said the clinical study had strong momentum.

He added:

With 20 leading epilepsy centres now actively enrolling, we are seeing genuine, demonstrated adoption of the Minder System in a clinical setting. The calibre of sites participating and the pace at which they are engaging their patient populations reflects the unmet need that Minder is designed to address. We remain on track to enrol 210 patients by the end of 1H CY2027, and we are confident in the foundation we have built to get there.

Shares in this ASX biotech looking cheap

In their research note, Morgans said that the company's FY26 operational progress was strong.

The broker noted the company had $75 million in cash and no debt at the end of FY26, and, with management expecting $28-$31 million at the end of FY27 before R&D rebates, the company was well funded into CY28.

Morgans said regarding the company:

EPI combines validated clinical evidence with a de-risked commercial plan and strong partners. The platform offers meaningful upside through new indications and markets, while upcoming catalysts offset early commercialisation risks. We use a discounted cash flow method to value EPI at $2.23.

This compares with the current share price of just 31 cents, meaning an investment would return more than 600% if Morgans' price target is achieved. Epiminder has a market capitalisation of $58.6 million.

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Two ASX healthcare shares that just received fresh guidance from the team at Morgans are Epiminder Ltd (ASX: EPI) and Saluda Medical Inc (ASX: SLD). 

Both of these ASX healthcare shares have fallen significantly in 2026, down between 48% and 60%. 

However, the team at Morgans is anticipating a bounce back for both. 

Here is what the broker had to say. 

Epiminder

Epiminder develops the Minder system, a technology currently under evaluation that aims to improve epilepsy treatment by continuously recording brain activity data to reveal previously unseen epileptic episodes.

In 2026, the ASX healthcare stock has fallen nearly 50%. 

However, following its recent quarterly activities report, the team at Morgans has reiterated its speculative buy recommendation. 

The broker said momentum is building, with 3QFY26 activity highlighting improving execution. Morgans also highlighted DETECT enrolment and site activation are now gaining traction following a slow start.

Since 1HFY26, EPI has expanded to 18 Tier-1 US centres and increased enrolled patients to 15 (from 3 in February), remaining on track to reach 25 this month. Cash burn was lower than expected, reflecting timing of site invoicing, while runway remains intact through CY28. We adjusted FY26-28 forecasts and lowered our DCF-based target price to A$2.23 mainly on risk-free rate adjustment.

Yesterday, Epiminder shares closed trading at 54 cents per share. 

From this price, the updated target from Morgans indicates an upside potential of more than 300%. 

Saluda Medical

Saluda Medical is an ASX healthcare commercial-stage medical device company focused on developing treatments for chronic neurological conditions using its novel neuromodulation platform.

Its share price is down nearly 60% year to date. 

However, a fresh price target from Morgans indicates this could rebound significantly.  

The company also released a quarterly report last week.

Morgans said the 3QFY26 activity continued to build on strong 1H performance, with accelerating US commercial momentum underpinning another revenue upgrade. 

The broker highlighted revenue growth of 13% quarter on quarter to US$23.8m (+34% year over year), supported by strong growth in implanted patients (+55% year over year), active physicians, and utilisation. 

We view the second consecutive guidance upgrade (now US$87m, +24% YoY) as evidence of improving visibility, with salesforce scaling and physician productivity continuing to trend ahead of expectations. We update FY26 forecasts in line with guidance, with our DCF-based target price lowered to A$2.94, mainly on FX and risk-free rate adjustments. SPECULATIVE BUY maintained.

This updated price target of $2.94 indicates an upside potential of 400%. 

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Here's why the broker currently rates them as buys:

Airtasker Ltd (ASX: ART)

Morgans was pleased with this small jobs marketplace provider's performance in the first half of FY 2026. It notes that the company delivered double-digit revenue growth thanks to solid performances at home and overseas.

In response, the broker has retained its buy rating with a trimmed price target of 51 cents. It said:

It was a resilient 1H26 result for Airtasker, delivering ~13.5% group revenue growth to ~A$29m. Its established marketplaces saw EBITDA growth of ~11% to ~A$15m. Domestic metrics appear sound (e.g. uptick in booked tasks and brand salience), and we remain pleased with the momentum seen in ART's offshore marketplace build-out (UK/US revenue +85% and 380% on the pcp respectively).

We make minor adjustments to our topline forecasts (details below), we also include the additional $5m cash marketing costs into our 2H numbers along with the recent capital raise. Our price target is lowered to A$0.51. Buy maintained.

Epiminder Ltd (ASX: EPI)

Another small-cap ASX share that has been given the thumbs up by Morgans is Epiminder.

Morgans notes that there were no surprises with its half-year results, with everything in line with expectations. As a result, the broker has reaffirmed its speculative buy rating and $2.33 price target on its shares. It said:

Debut 1HFY26 results held no material surprises relative to IPO disclosures, and are more strategically important than financially complex. Since listing, EPI has secured a favourable Medicare reimbursement ruling, completed the first US Minder implant and signed nine Tier-1 US centres for DETECT, albeit enrolment remains early (3 patients to date).

Cash runway is confirmed through DETECT completion and G1 development into CY28, with execution on enrolment cadence now the key swing factor for sentiment. We make no changes to our FY26-28 forecasts or A$2.33 DCF-based target price. SPECULATIVE BUY rating maintained.

SomnoMed Ltd (ASX: SOM)

A third small-cap ASX share that is being tipped as a buy by Morgans is SomnoMed.

It highlights that the sleep disorder treatment company has started FY 2026 positively and is in a good position to achieve its full-year guidance.

As a result, it has retained its speculative buy rating and 99 cents price target on its shares. It commented:

SOM's 1H26 result places the company in a strong position to deliver at least the low end of its FY26 guidance, with clear upside potential. The half delivered solid double-digit revenue growth, meaningful operating leverage and significantly improved manufacturing efficiency, giving SOM a structurally strong base heading into 2H.

With around half of revenue and the majority of EBITDA already achieved in 1H, the 2H requirements to meet both the low and high ends of guidance appear modest and achievable. Continued momentum across Europe and North America, combined with expanded capacity and improved turnaround times, provides a credible pathway for SOM to finish the year toward the upper end of its range if current trends persist. No change to valuation or positive outlook but note upside risk as 2H progresses.

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At the time of writing, the small cap ASX stock is up 3% to 95 cents.

Why is this small cap ASX stock jumping?

Investors have been buying the epilepsy monitoring technology company's shares after it made a big announcement.

According to the release, the first implant of the Minder System in the United States has been achieved.

The Perelman School of Medicine at the University of Pennsylvania, which is the first site to join the Diagnosing Epilepsy To Effect Change (DETECT) study, has enrolled and implanted the first study patient.

But it may not stop there. The small cap ASX stock has revealed that four other sites have enrolled for the study and are actively recruiting patients. This includes the Mayo Clinic Rochester, Mayo Clinic Jacksonville, Mayo Clinic Phoenix, and Beth Israel Deaconess Medical Center.

What is the DETECT study?

The DETECT study is the first randomised controlled trial to compare patients who are implanted with Minder to standard of care monitoring. This is to identify clinically actionable events in patients with drug-resistant epilepsy.

In the six-month study, 210 patients will receive the implant at up to 25 sites in the United States.

The small cap ASX stock notes that the goal of the study is to demonstrate that continuous EEG monitoring is superior to using standard of care in identifying clinically actionable events in patients with drug-resistant epilepsy.

'A watershed moment'

Epiminder's CEO, Rohan Hoare, was very pleased with this major milestone. He said:

This first US implant of our Minder device marks a watershed moment for Epiminder and the global epilepsy community. We are excited to take the next step in translating years of rigorous scientific development and clinical validation into real-world impact for patients who have exhausted traditional monitoring options. Dr. Ganguly and her team at Penn Medicine represent the exceptional clinicians who will help us begin to unlock Minder's full potential.

Their expertise and dedication to advancing drug-resistant epilepsy care embody exactly why we built this device. Consistent with our commercialization strategy, with each patient enrolled in DETECT, we move closer to our mission: empowering clinicians with objective, continuous brain activity data and ultimately providing the 52 million people living with epilepsy worldwide with the answers, insights, and hope they deserve. This study is just the beginning of what we believe will be a fundamental transformation in how the world diagnoses and manages epilepsy.

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That's because they could be destined to deliver huge returns for investors over the next 12 months according to analysts. Here's what they are recommending to clients:

Epiminder Ltd (ASX: EPI)

This newly listed medical device and information solutions company could be an ASX stock to buy according to Morgans.

It believes the company's epilepsy diagnosis and management system is well-placed in a market estimated to be worth US$1.1 billion in just the United States. It said:

Epiminder (EPI) aims to transform epilepsy diagnosis and management through the Minder system, the first FDA-approved sub-scalp EEG capable of continuous brain monitoring for months or years. Unlike current short-duration EEG tests, Minder provides long-window, high-fidelity that enables more accurate diagnosis and better treatment decisions. EPI is targeting a phased US commercial launch in 2H26.

EPI's initial focus is drug-resistant epilepsy (DRE) patients with inconclusive EEG results, a segment representing up to 45,000 patients annually in the US and a US$1.1bn market opportunity. IPO proceeds will fund completion of the DETECT demonstration study, development of the next-generation G1 Minder® system, and initial build-out of US commercial infrastructure. Key near-term catalysts include the targeted 2H26 release of the G0 device and start of the DETECT study.

Morgans has initiated coverage with a speculative buy rating and $2.33 price target. Based on its current share price of $1.19, this suggests that upside of 96% is possible between now and this time next year.

Chalice Mining Ltd (ASX: CHN)

Over at Bell Potter, its analysts see huge potential returns on offer with this mineral exploration company's shares.

The broker was pleased with the pre-feasibility study (PFS) for the 100%-owned Gonneville Palladium-Nickel-Copper Project. It believes it positions Gonneville as a globally significant, long-life, low-cost critical minerals project with an improved and simplified development plan. It said:

CHN has outlined a development plan for Gonneville that positions it as a globally significant, long-life, low-cost critical minerals project that is a close strategic fit with western government objectives to diversify, de-risk and secure critical minerals supply chains. This is a materially improved and simplified development plan with reduced upfront costs compared with the original hydrometallurgical circuit.

The PFS delivers strong production and financial metrics at cyclically low prices and demonstrates high leverage to rising commodity prices. These are all factors we believe will support Gonneville's development and attract a significant amount of government backed debt funding. This will likely carry relatively low service costs, relatively long maturity dates and leave a relatively small equity funding requirement, in our view. Optionality to extend the mine life into a multi-generational asset strengthens the funding case further.

In response, Bell Potter has retained its speculative buy rating with a trimmed price target of $4.00. Based on its current share price of $1.64, this implies potential upside of 140% for investors.

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