Is a pullback in ASX 200 Stocks Lynas Rare Earths and Pro Medicus an Attractive Buying Opportunity?
Lynas Rare Earths Limited (ASX: LYC)
Lynas Rare Earths Limited (ASX: LYC) closed at $16.2 on 28 January 2026 which is well below its October 2025 highs and the company reported solid December 2025 quarter results with gross sales revenue of $201.9 million compared to $200.2 million in the prior quarter which was supported by higher rare earth prices.
The average selling price increased to $85.6 per kilogram while total rare earth oxide production reached 2,382 tonnes with NdPr output of 1,404 tonnes which highlights stable operating performance.
The company now has a market capitalisation of $16.31 billion and ended the quarter with a strong cash balance of $1.03 billion which provides flexibility to fund growth initiatives and manage commodity price volatility.
Lynas also commenced expansion work for heavy rare earth separation at its Malaysia operations and first production of Samarium is expected in Q4 FY26.
The stock is up more than 30% year-to-date and kiln maintenance at Lynas Malaysia was completed safely with cracking and leaching restarting in January 2026.
Lynas plans to optimise production and recovery rates at Mt Weld while advancing heavy rare earth separation projects in Malaysia and the United States as part of its long-term 2030 growth strategy as discussions continued with multiple U.S. rare earth buyers amid ongoing supply chain disruptions.
Pro Medicus Limited (ASX: PME)
Pro Medicus Limited (ASX: PME) closed at $186.28 on 28 January 2026 which is much lower than the mid-July 2025 high of $330 and now has a market capitalisation of $19.46 billion.
The company announced on 1 December 2025 that it signed an additional $25 million contract with BayCare which expands the cloud-based Visage 7 Open Archive alongside the existing Visage 7 Viewer and Visage 7 Workflow agreement signed in February 2025.
The company also entered into a five-year $44 million agreement with Advanced Radiology Management which is one of the largest private radiology reading groups in the United States.
This agreement follows PME’s transaction-based pricing structure which creates upside potential as imaging volumes increase over time and the company ended FY25 with $210.7 million in cash.
PME stated that Advanced Radiology Management selected Visage 7 due to its ability to deliver a single unified platform for diagnostic interpretation and its full cloud deployment capability which has become the standard across North America.
(Source: Company Announcements)
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