2 ASX 200 shares down 30% or more that could be a new years buy

The S&P/ASX 200 Index (ASX: XJO) has had a pre-Christmas surge. 

In the last 5 days, it has gained almost 3%. 

This is significant when you consider it is up 7% for the entire year. 

However there are a few notable ASX 200 shares that have missed out on the positive year. 

When ASX 200 stocks tumble, it can be a great opportunity to buy-low on fundamentally strong companies. 

Over the last weeks, the team here at the Motley Fool have been identifying stocks that fall into this category. 

These kinds of stocks could be great buys ahead of the new year. 

Here are two more for buy-low investors to consider. 

Block (ASX: XYZ)

Block is a global company best known for providing payment-acquiring and related services to businesses.

It opened 2025 trading for approximately $139 per share. 

Fast forward to December 23, this ASX 200 financials stock closed trading at $97.84. 

This represents a fall of around 30%. 

For context, the S&P/ASX 200 Financials (ASX:XFJ) index is up 8.63% in the same period. 

This fall has been despite solid earnings growth from the BNPL company. 

In the company’s September quarter results, released in early November, it reported: 

• 18% year-on-year profit increase for Q3
• Forecasted US$10.243 billion in gross profit for 2025, up 15% from 2024.
• Cash App gross profits per monthly transacting active of $94 on an annualised basis, up 25% year-over-year

With fundamentals looking relatively healthy (albeit missing guidance) this ASX 200 stock could be undervalued right now. 

Online brokerage platform Selfwealth lists this ASX 200 stock as undervalued by 87%. 

Meanwhile, TradingView has an average 12 month price target of $175.33 which indicates an upside of 79%. 

Telix Pharmaceuticals Ltd (ASX: TLX)

Telix is a commercial-stage biopharmaceutical company focused on the ongoing development of diagnostic and therapeutic (‘theranostic’) products using targeted radiation. 

This process treats cancerous or diseased cells, an alternative approach to many cancer therapies which also attack healthy tissue at the same time.

Its share price has fallen almost 50% in 2025. 

However it did show some signs of life on Monday after announcing positive results from a recent trial. 

The company has also drawn attention recently from Broker Bell Potter. 

Earlier this month, The Motley Fool’s James Mickleboro reported that the broker believes there is a strong probability its Zircaix (targeting therapy) receives US FDA approval next year. 

This is seen as a good sign for company revenue. 

The broker also has a $23.00 price target on this ASX 200 stock, along with a buy recommendation. 

This indicates an upside of more than 90%. 

The post 2 ASX 200 shares down 30% or more that could be a new years buy appeared first on The Motley Fool Australia.

More reading

• Telix shares storm higher on big US and China news
• These are the 10 most shorted ASX shares
• Telix Pharmaceuticals in focus with China trial success and FDA updates
• Bell Potter names the best ASX healthcare shares to buy in 2026
• Why is everyone talking about Telix shares this week?

Motley Fool contributor Aaron Bell has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Block and Telix Pharmaceuticals. The Motley Fool Australia has recommended Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.