2 Magnificent Growth Stocks to Buy On the Dip

Despite a sizzling start to the year, growth stocks have suddenly found themselves on the outs with investors. Concerns about the global economy, persistently high interest rates, and stubborn levels of inflation have weighed heavily on pure-play growth stocks in the second half of the year.

Biotechnology stocks have taken a particularly hard hit over this period. The gene-editing pioneers Beam Therapeutics (NASDAQ: BEAM) and Caribou Biosciences (NASDAQ: CRBU) are prime examples. Both of these developmental-stage biotech stocks have shed a significant amount of value this year. Here's why patient investors with a long-term outlook might take advantage of the prolonged weakness in these two biotech equities.