COVID-19 stocks have been a hot commodity in 2020. Several companies with anti-coronavirus assets such as antibodies, diagnostics, and vaccines, in fact, have seen their share prices rise by more than 1,000% this year. Even though the outbreak is as strong as ever in countries like the United States, however, a fair number of these former red-hot stocks have pulled back in a big way from their 52-week highs.

This near nichewide correction appears to stem from a slew of factors including the recent approval of Eli Lilly's COVID-19 antibody drug bamlanivimab, the likely approval of Pfizer and BioNTech's mRNA COVID-19 vaccine in the coming weeks, and the lack of a second stimulus relief bill which may have provided additional funding for research and development. 

Novavax(NASDAQ:NVAX) and Sorrento Therapeutics(NASDAQ:SRNE) have both been hit especially hard by this reversion to the mean among COVID-19 stocks. Novavax's shares have lost 46% over their value since hitting an all-time high back in August. Sorrento's stock, on the other hand, is down by a whopping 66% from its 52-week high at the time of writing. Should bargain hunters pounce on these beaten-down COVID-19 stocks? Let's take a look at the core value proposition of each company to find out. 

More in category

Vaccines Are Coming Soon. Is It Time to Sell Stay-at-Home Stocks?
November 23, 2020The Motley Fool
Vaccines Are Coming Soon. Is It Time to Sell Stay-at-Home Stocks?
3 Stocks with Jaw-Dropping Growth Potential
November 23, 2020The Motley Fool
3 Stocks with Jaw-Dropping Growth Potential
5 Investing Tricks to Double Your Money
November 23, 2020The Motley Fool
5 Investing Tricks to Double Your Money
With 2 Effective Coronavirus Vaccine Candidates, How Should Investors Proceed?
November 23, 2020The Motley Fool
With 2 Effective Coronavirus Vaccine Candidates, How Should Investors Proceed?
GM ordered to recall nearly 6M trucks for airbag problem
November 23, 2020FOX Business
GM ordered to recall nearly 6M trucks for airbag problem
'Not only is this assignment physically taxing, but it may be emotionally taxing,’ says ad for morgue attendants in Texas
November 23, 2020MarketWatch
'Not only is this assignment physically taxing, but it may be emotionally taxing,’ says ad for morgue attendants in Texas
GM accelerates electric-vehicle plans as it races to catch up to Tesla
November 19, 2020MarketWatch
GM accelerates electric-vehicle plans as it races to catch up to Tesla
What’s next for markets after Treasury Secretary Steven Mnuchin pulls the $455 billion plug
November 20, 2020MarketWatch
What’s next for markets after Treasury Secretary Steven Mnuchin pulls the $455 billion plug
Regeneron antibody ‘cocktail’ wins emergency-use authorization from FDA
November 22, 2020MarketWatch
Regeneron antibody ‘cocktail’ wins emergency-use authorization from FDA
First coronavirus immunizations could come Dec. 12, says head of federal vaccine-development program
November 22, 2020MarketWatch
First coronavirus immunizations could come Dec. 12, says head of federal vaccine-development program
Vladimir Putin isn’t ready to recognize Joe Biden as the next president, says relations between Moscow and Washington are ‘already ruined’
November 22, 2020MarketWatch
Vladimir Putin isn’t ready to recognize Joe Biden as the next president, says relations between Moscow and Washington are ‘already ruined’
Blink Charging’s stock more than doubles in a week amid a ‘great deal of market interest’ in the EV sector
November 21, 2020MarketWatch
Blink Charging’s stock more than doubles in a week amid a ‘great deal of market interest’ in the EV sector
Netanyahu met crown prince in Saudi Arabia, Israeli media report
November 23, 2020MarketWatch
Netanyahu met crown prince in Saudi Arabia, Israeli media report
Dow rises nearly 300 points as hope for COVID vaccines bolsters buying mood, despite rising hospitalizations
November 23, 2020MarketWatch
Dow rises nearly 300 points as hope for COVID vaccines bolsters buying mood, despite rising hospitalizations
Schrödinger in drug development agreement with Bristol Myers worth up to $2.7 billion in milestone and royalty payments
November 23, 2020MarketWatch
Schrödinger in drug development agreement with Bristol Myers worth up to $2.7 billion in milestone and royalty payments
U.K. blue chips inch higher as AstraZeneca reports vaccine effectiveness
November 23, 2020MarketWatch
U.K. blue chips inch higher as AstraZeneca reports vaccine effectiveness
Tesla’s stock surges to a record as Wedbush analyst raises bull-case target to $1,000
November 23, 2020MarketWatch
Tesla’s stock surges to a record as Wedbush analyst raises bull-case target to $1,000
Wall Street rises on vaccine cheer, upbeat business activity data
November 23, 2020Reuters
Wall Street rises on vaccine cheer, upbeat business activity data
EU plans easier access to generics in potential blow to big drugmakers
November 23, 2020Reuters
EU plans easier access to generics in potential blow to big drugmakers
Regeneron will provide 300,000 doses of Covid treatment for U.S. by early January, CEO Schleifer says
November 23, 2020CNBC
Regeneron will provide 300,000 doses of Covid treatment for U.S. by early January, CEO Schleifer says
AstraZeneca's Covid vaccine might seem less effective than its peers — but it has some advantages
November 23, 2020CNBC
AstraZeneca's Covid vaccine might seem less effective than its peers — but it has some advantages