ASX healthcare stocks have largely struggled over the last 12 months.
The S&P/ASX 200 Health Care Index (ASX: XHJ) is down more than 20% in that span.
The sector has struggled to break out of its multi-year downgrade cycle, weighed down by negative consensus earnings revisions from index heavyweights.
However, there are now buy-low opportunities according to experts.
In a recent report, Canaccord Genuity said this backdrop presents an attractive risk/reward for the sector.
"After a challenging period for Healthcare returns, valuations across the sector have become increasingly attractive. At the index level, the ASX 100 Healthcare sector now trades at two-decade lows on a relative P/E basis."
Here are two ASX healthcare shares with big upside according to brokers.
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Anteris Technologies Global Corp (ASX: AVR)
Anteris Technologies is a structural heart company. It researches, develops, commercialises, and distributes various medical technologies and devices.
It manufactures, distributes, and sells ADAPT & DurAVR regenerative tissue products, and researches and develops regenerative medicine and immunotherapies.
This ASX healthcare stock is down more than 19% over the last 12 months, but has begun to recover from yearly lows.
Recently, Bell Potter raised its price target to $13 (from $10), along with retaining a speculative buy rating.
The broker has optimism around its future thanks to progress in getting its DurAVR product approved.
The product uses a single-piece, native-shaped biomimetic design built to mimic the performance of a healthy aortic valve.
Based on yesterday's closing price of $8.86, this Bell Potter price target indicates potential upside of almost 47%.
Telix Pharmaceuticals Ltd (ASX: TLX)
Another ASX healthcare stock tipped to recover is Telix Pharmaceuticals.
It is a commercial-stage biopharmaceutical company focused on the ongoing development of diagnostic and therapeutic ('theranostic') products using targeted radiation.
Its share price has fallen almost 60% over the last year; however, experts are anticipating a bounce back.
A key announcement earlier this week saw the ASX healthcare stock price jump considerably, which could be the beginning of a long-term recovery.
On Monday, the share price rocketed 9% higher after the company released encouraging Part 1 results from its global Phase 3 ProstACT study of TLX591-Tx, its novel prostate cancer therapy.
Results showed the therapy demonstrated an acceptable and manageable safety profile, with no new safety signals and sustained tumour uptake across patients.
The team at Jarden currently have a $21 price target on Telix shares.
Meanwhile, Morgan Stanley has a $24.60 price target.
Based on yesterday's closing price of $10.76, these targets indicate an upside of 95% to 129%.
