COGSTATE LIMITED (CGS)
Share Price Analysis and Chart

09/07/2026

1

Buy

$3.70

28.47%

Cogstate's 4Q26 contract sales of US$21.9m revealed a fourth successive quarter that exceeded US$20m, which Bell Potter notes lifts the full year to US$89m and a record for the Clinical Trials segment.

New contracts sales and revenue backlog are higher than they have ever been amid a more diversified, high-volume contract base, the broker adds. Of the new contract sales in the fourth quarter US$12.7m will be recognised in FY27.

This strong starting point leads to an 11% increase in the broker's FY27 revenue estimates with FY28 also increasing from a higher base. Buy rating maintained. The broker was surprised at the soft share price response and raises the target to $3.70 from $3.20.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 2.94 cents and EPS of 9.26 cents.
Bell Potter forecasts a full year FY27 dividend of 3.67 cents and EPS of 14.55 cents.

15/06/2026

1

Buy

$3.15

9.38%

Canaccord Genuity maintains a Buy rating for Cogstate with a $3.15 target price ahead of its fourth-quarter trading update scheduled for July 8.

The broker finds Cogstate is well positioned to meet FY26 earnings forecasts, supported by expanding clinical indications across sleep and mood disorders.

Market exposure to narcolepsy and major depressive disorder programs continues to advance into late-stage development, driving higher transaction volumes and contract values.

The analyst notes the long-term total addressable market remains highly underpenetrated, leaving ample white space for proprietary computerized cognitive assessment platforms to capture substantial global market share.

Long-standing relationships with prominent pharmaceutical entities provide a durable competitive moat to underpin projected FY27 revenue targets, the report concludes.