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2 ASX 200 biotech shares to consider buying today

There are a couple of ASX 200 biotech shares that could be in the buy zone right now. The S&P/ASX 200 Index (ASX: XJO) is down -10.25% this year but many Aussie healthcare companies have surged in value.

This is partly due to the nature of the coronavirus pandemic. Many healthcare services are in high demand even as the economy falls on hard times.

While not all Aussie biotech companies are created equal, here are a couple of my top picks to buy today.

2 ASX 200 biotech shares to buy today

I like the look of CSL Limited (ASX: CSL) right now. CSL is one of the largest companies by market capitalisation on the ASX and weighs in at $129.55 billion.

The ASX 200 biotech share doesn’t always look like good value. However, CSL shares have dropped below the $300 per share mark and are trading at $276.45 at the time of writing.

We’ve seen some strong investor support around the $270-280 per share mark in recent months. That could mean now is a good chance to buy CSL at a 16.75% discount to its all-time high.

It’s not just the Aussie biotech giant that is in the buy zone. I also like the look of Polynovo Ltd (ASX: PNV) shares right now.

Polynovo designs develops and manufactures dermal regeneration solutions using its patented NovoSorb BTM biodegradable polymer technology.

In plain English, the ASX 200 biotech share develops solutions for burns, skin grafts and similar medical issues.

The Polynovo share price crashed hard in the recent bear market. In fact, shares in the company fell 56.29% from 25 February to 23 March. 

However, Polynovo’s value has surged higher in recent months. The ASX 200 biotech share boasts a market capitalisation of $1.75 billion and has climbed 94.70% since that March 23 bottom.

Foolish takeaway

I think for buy and hold investors, both CSL and Polynovo could be good value buys.

Both ASX 200 biotech shares have a track record of success and a solid growth outlook.

I would say CSL is more of a tactical buy for $285.33 per share. In contrast, the Polynovo share price has already rebounded but I think it’s a potential ASX 50 share in the coming decade.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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