The health care sector got a bit of a bump Wednesday, but remains the worst performing S&P sector over the past two months, fueled in part by the biotech selloff over the same period.
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Evercore ISI analyst Mark Schoenebaum was just named Institutional Investor's top sell-side analyst for large, mid and small cap stocks in the health care sector.
Overall, Schoenebaum remains bullish on the sector and is not worried about the recent weakness. Instead, he attributed the selloff to a simple "repositioning" from growth oriented, generalist portfolios.
"I call them biotourists," Schoenebaum told CNBC's "Power Lunch" on Wednesday. "These are the same investors who threw in the towel and returned to the sector after avoiding it for years."
Schoenebaum's favorite biotech stock is Gilead Science which develops treatments for cardiovascular, liver, respiratory and HIV/AIDs. He maintains a price target of $115 on the stock, in part because of what he calls their "fantastic" management team.
BioMarin Pharmaceuticals, which develops products to treat for serious burns and muscular dystrophy, is another favorite, in anticipation of a possible FDA approval later this year.
Year to date, BioMarin is up 44.5 percent, and outperformed the broader market by nearly 50 percent. Schoenebaum projects an additional ten percent climb for the stock.
Long-term, he's bullish on Biogen, which makes therapies for people living with neurological, autoimmune and hematologic disorders.
"It makes a lot of sense here. The upside-downside ratio is 5:1 over a two year period."
In the pharmaceutical space, his top picks are Pfizer and Abbvie, two leading players with "underappreciated" research and development pipelines.
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Schoenebaum thinks both stocks will return a minimum ten percent by the first quarter of 2016.
Evercore ISI expects to receive or intends to seek compensation for investment banking services from AbbVie within the next three months
Neither Schoenebaum, his family nor Evercore ISI have conflicts with Pfizer, BioMarin or Gilead Science.
CNBC's Michael Bloom contributed to this article
