These three ASX healthcare stocks have staged a remarkable comeback in recent weeks.
The latest recovery follows a brutal 12 months for the sector.
The S&P/ASX 200 Health Care Index (ASX: XHJ) fell 39% over the year to a nine-year low on 3 June 2026. Since then, the sector has bounced roughly 20% in a single month.
The broader S&P/ASX 200 Index (ASX: XJO) has risen just 0.1% over the same period.
So which stocks deserve a spot on your watchlist right now?
Let's take a look at three.
Image source: Getty Images
Why ASX healthcare stocks are rebounding
Healthcare was the worst-performing sector on the ASX in FY26.
Why? A stronger Australian dollar, higher costs, and regulatory uncertainty all weighed on returns.
When a sector falls that far that fast, bargain hunters tend to circle, and that is exactly what has been happening since early June.
Institutional investors have rotated out of resources and into beaten-down healthcare names.
Here are three ASX healthcare stocks riding that recovery.
Pro Medicus Ltd (ASX: PME)
Pro Medicus is one of the highest-quality software businesses on the ASX.
The company's Visage platform helps hospitals view, manage, and share medical images.
Over the last year, Pro Medicus shares have been on a wild ride.
Shares sank to a 52-week low of $107.75 on 24 February before rebounding sharply. In good news for the company, the recovery has largely been fuelled by a run of new contract wins and renewals.
Brokers remain optimistic, too.
According to Morgans, the broker has reaffirmed an accumulate rating and $230 price target on Pro Medicus shares. Citi is even more upbeat, with a buy rating and a $240 target.
Telix Pharmaceuticals Ltd (ASX: TLX)
Telix Pharmaceuticals is the ASX's flagship radiopharmaceutical company.
The company develops targeted radiation products for imaging and treating cancer.
Unfortunately, the stock has been volatile over the past year, but there is plenty happening beneath the surface.
Telix has struck a strategic radiopharma collaboration with US biotech Regeneron under which the two companies will co-develop and co-commercialise next-generation radiopharmaceutical therapies on a 50/50 cost-and-profit-sharing basis. Under this deal, Telix will gain access to Regeneron's antibody platform. Telix will also be able to expand its reach in solid-tumour radiopharma without bearing the full development burden itself.
The company also has several FDA catalysts in 2026, led by the resubmitted NDA for TLX101-Px, branded Pixclara, an investigational PET imaging agent for glioma that the FDA accepted in April.
Perhaps as a result, management has guided to FY26 revenue of US$950 million to US$970 million.
For investors comfortable with greater levels of risk, Telix is an intriguing option among ASX healthcare stocks.
CSL Ltd (ASX: CSL)
CSL is the giant of these three ASX healthcare stocks.
The blood products and vaccines business lost around half its value over the past year, a de-rating that has wiped out years of gains.
However, the tide may be turning.
CSL shares have surged about 35% since their early-June low to $122.89.
Broker views remain split.
Morgans has a buy rating and $147.59 price target on CSL shares, whilst the consensus target sits near $140.15, implying roughly 14% upside.
The key test for CSL shares comes with the FY26 result on 19 August.
Foolish Takeaway for ASX healthcare stocks
These three ASX healthcare stocks each tell a different story.
Pro Medicus offers quality and momentum. Telix offers pipeline optionality. CSL offers a potential turnaround at a beaten-down price.
All three carry risk, and recoveries can stall.
But for investors hunting the next leg of the rebound, these ASX healthcare stocks are well worth watching.
