Now buying two stocks that are down 30%.

Just because the bull market is on a roll and many growth stocks are leading the way doesn't mean that your opportunity to buy growth stocks at a premium price is over. Many companies with good long-term prospects have not benefited from this favorable market environment and continue to languish.

Biotechnology CompanyIntellia Therapeutics (NASDAQ: NTLA)respond in singingModerna (NASDAQ Resonance: MRNA)are two examples. But there's reason to believe they can deliver long-term growth, and both companies are due for catalysts in the near future.Motley Fool contributors Adria Cimino and Keith Speights discuss these innovative companies that are worth investing in right now.

Misdiagnosis

Adria Cimino (Intellia):Intellia is working in the exciting field of CRISPR gene editing, a technology that involves repairing faulty genes that cause disease. It works by cutting the DNA at a specific location and allowing the natural repair process to take over. The amazing thing about gene editing is that it could lead to one-off treatments that could be used as functional cures for certain diseases: this would change the fate of patients, and therefore the profitability of the companies that make these treatments.

Intellia's peersCRISPR TherapeuticsThe company recently received the world's first regulatory approval for a CRISPR-based product - a positive sign for all those involved in the field.

Intellia's own two main drug candidates are nearing the end of their product approvals: NTLA-2001 for the treatment of amyloidosis with transthyretin (ATTR), and NTLA-2002 for the treatment of hereditary agranulocytosis (HAE). In ATTR amyloidosis, the accumulation of misfolded proteins can have a negative effect on multiple organs; in HAE, a disease characterized by recurrent extreme swelling, Intellia's goal is to complete the pivotal study enrollment for both drugs within the next three years and to apply for regulatory approval of NTLA-2002 in 2026.

This means that if all goes well with the late-stage trials, Intellia will have two products on the market later this decade that could lead to revenue growth. Over the next few years, the company also plans to launch new gene editing programs in order to launch products and grow revenues further into the future.

At the same time, Intellia ended last year with about $1 billion in cash, so we have reason to be confident in its ability to meet its commercialization goals.

Now, let's take a look at the performance of Intellia's stock price. Intellia's stock price has been on a downward spiral in recent years, dropping more than 80% from its all-time high in 2021, and while it probably won't return to that level, at current levels, Intellia's stock price still has a lot of room to go up - and any positive test data reports in the coming months could be a catalyst for an upward spiral. catalyst for an increase.

Bright Future

Keith Speights (Moderna):First the bad news: Moderna shares have plunged more than 301 TP3T in the last 12 months, and the biotech stock is nearly 801 TP3T below its mid-2021 high. The biotech stock is nearly 80% below its mid-2021 highs, and now for the good news: Moderna's future should look brighter.

Do I expect a surprising resurgence in sales of the COVID-19 vaccine? I wouldn't be surprised if 2024 is a down year for Moderna's Spikevax vaccine. The company's influenza-COVID combo could even bring growth (no pun intended) to the company in the coming years; Moderna expects to report the results of a post-study of the combo later this year.

A bigger catalyst may be on the horizon, and Moderna expects its respiratory hepatitis virus (RSV) vaccine, mRNA-1345, to be approved soon by the U.S. regulatory agency. I am optimistic about the future of this RSV vaccine because of its efficacy, safety profile, and ease of administration through a pre-filled syringe.

Moderna is also hoping to apply for regulatory approval of its seasonal flu vaccine, mRNA-1010, in 2024, and while I suspect it won't bring in as much growth as the company's RSV vaccine, any additional revenue will help.

The biotechnology company will report efficacy data from a Phase 3 study of a real-world vaccine for cytomegalovirus (CMV) this year. CMV represents a $2 billion to $5 billion business opportunity, and there is currently no CMV vaccine on the market.

Moderna forecasts that it will return to sales growth in 2025 and break even again in 2026. I think this timeline is reasonable, and this beaten-down biotech stock could make a comeback in the rest of the decade.

Buying Opportunities

Both Intellia and Moderna have seen their share prices fall in recent years, but this provides you with an opportunity to get in on the action at a reasonable price. Both companies have game-changing technologies and candidates that have a long term future.

Of course, biotech companies are always risky because anything can happen in the clinical trial process. But if you're comfortable with that risk, now is a good time to buy Intellia and Moderna stock.

Should you invest $1,000 in Intellia Therapeutics now?

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Adria Cimino does not own any of the stocks listed above.Keith Speights has no position in any of the stocks listed above.The Motley Fool owns recommended CRISPR Therapeutics and Intellia Therapeutics.The Motley Fool recommends Moderna.The Motley Fool has a disclosure policy. The Motley Fool recommends Moderna.

Two Stocks to Buy Now That Are Down 30% was originally published by The Motley Fool.