Stocks that are crashing in value can sometimes make for good contrarian investments -- provided that there's a reason to expect a turnaround. But in some situations, investors are better off just avoiding businesses that are in trouble and whose valuations may only end up going lower.

Three stocks that are down big in recent years and that still aren't worth buying today are Biogen (NASDAQ: BIIB), Snap (NYSE: SNAP), and 3M (NYSE: MMM). Here's why.

Shares of healthcare company Biogen are down 5% this year -- and over a longer stretch, things aren't much better. In five years, the stock has fallen by 20%. The problem is that Biogen's business simply isn't growing. From more than $14 billion in 2019 to just over $10 billion in 2022, the top line is struggling badly. The company's top-selling multiple sclerosis drug Tecfidera has lost exclusivity, and competition is chipping away at its market share.

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Source Fool.com