You've no doubt seen mutual fund warnings that past performance isn't necessarily indicative of future results. This caution applies to stocks as well. However, it doesn't just mean that investments that have performed well in the past may not keep winning; it also implies that those that haven't performed well won't necessarily continue to languish.

With a new bull market under way, some stocks that have been big losers in the recent past could be ready to rebound. Two Motley Fool contributors think they've identified magnificent stocks down 80% or more that are great picks to buy right now. Here's why they chose Intellia Therapeutics (NASDAQ: NTLA) and Moderna (NASDAQ: MRNA).

Adria Cimino (Intellia Therapeutics): Intellia stock has dropped more than 80% below its high over the past three years, even as this CRISPR gene-editing specialist moves closer to the finish line with its lead candidates. And this could offer bargain-hunting investors looking for the next big biotech story a terrific buying opportunity.

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Source Fool.com