Health care stocks have been under the weather for the past two months, but according to one analyst, some names appear to be on the mend.
Since late February, the Health Care Select Sector SPDR Fund has dropped around 2.5 percent, compared to a nearly 2 percent climb for the S&P 500 Index. Biotech stocks have been hit particularly hard, with the Nasdaq Biotech Index dropping 15 percent in that time frame.
According to JPMorgan Chase's senior medical technology analyst Mike Weinstein, the pullback presents a perfect buying opportunity for select names in the space. On CNBC's "Fast Money" on Monday, Weinstein gave his top picks in health care that investors should be buying right now.
For his first pick, Weinstein looked towards the diversified medical devices, supplies and pharmaceuticals company Covidien. "I think that Covidien has a lot going for it," he said. "It's a company that has some best in class assets … this should be a pretty classic growth acceleration, beat and raise story."
Weinstein's second pick was Spectranetics, a smaller-cap medical device maker which had fallen roughly 18 percent in the past month, but which jumped as much as 8 percent in after-hours trading following Weinstein's recommendation.
According to Weinstein, the recent pullback in Spectranetics has created an buying opportunity, especially given an important upcoming catalyst. "The company is about to present data from a trial that was just headlined, they announced that the trial was successful. The data form this trial should be announced in the next couple of months," he said.