Just as we examine companies each week that may be rising past their fair value, we can also find companies potentially trading at a bargain price. While many investors would rather have nothing to do with companies tipping the scales at 52-week lows, I think it makes a lot of sense to determine whether the market has overreacted to the downside, just as we often do to the upside.

Here's a look at three fallen angels trading near their 52-week lows that could be worth buying.

A cheap riddle
What's black and white and read all over? Most likely an advertisement that's been distributed by DG FastChannel (Nasdaq: DGIT), a traditional media and online advertising company. Not to pull a page out of the late, great Rodney Dangerfield's book, but DG gets absolutely no respect. It missed on revenue estimates three months ago, and in its latest quarterly report, the company missed consensus earnings estimates by a mile. Still, investors would be foolish (with a small "f") to overlook the potential growth story here.

Foolish colleague Brian Stoffel summed up the reasons to own DG perfectly three weeks ago. The company already has its fingers in 99% of the traditional media market pie yet still has plenty of room for growth in its online division. Following purchases of MediaMind Technologies in June and EyeWonder in August, DG, while still integrating these two new businesses, is projected to grow sales in excess of 30% over the next two years. DG is now valued at only 89% of book value and trades for just eight times forward earnings. Compare this to advertising powerhouses Clear Channel Outdoor (NYSE: CCO) and Lamar Advertising (Nasdaq: LAMR), which are struggling to remain profitable, and you can see why DG could be an obvious buy.

A semi-safety net
If you like cash, I have great news for you: Exar (Nasdaq: EXAR) has a ton of it! Exar, a fabless semiconductor company that supplies silicon, software, and subsystem solutions for the electronics industry, is currently sitting on $203 million in cash with no debt. Consider that Exar's closing price on Friday only valued the company at $255 million, and you'll see that investors aren't placing much value on the company's technology. But is Wall Street undervaluing Exar's technology? I think so.

Even with weakness pervading much of the semiconductor sector, Exar has been able to closely regulate its gross margin around the 50% level, allowing the company to maintain its forecast for profitability in 2011 and beyond. I wouldn't discount the possibility that earnings estimates could weaken further, but I have to think that with George Soros making Exar a core holding, there's some value locked up in its shares.

An FDA ruling that's finally in-cyte
One month ago, for better or for worse, I spoke of seven FDA decisions that you couldn't afford to ignore in the fourth quarter. One of those decisions related to Incyte's (Nasdaq: INCY) experimental drug for the treatment of myelofibrosis, Ruxolitinib. With a decision expected from the FDA on or before Dec. 3 and with the stock just pennies above a 52-week low, now may be the time to pounce.

In phase 3 clinical trials, Ruxolitinib showed remarkable efficacy in hitting its targets, with roughly one-third of patients showing a 35% or greater reduction in spleen size -- an enlarged spleen being a major symptom of myelofibrosis. There are no "sure things" in the biotech sector, but the phase 3 data point to a bullish outlook for the stock and its potential revenue stream. Last month, I postulated this could be up to a $1 billion revenue stream for Incyte within a few years, and I'm sticking by that assessment. Although Onyx Pharmaceuticals (Nasdaq: ONXX) and Sanofi (NYSE: SNY) are waiting in the wings with myelofibrosis drug candidates currently under development, an approval of Ruxolitinib should cement Incyte's position as top dog.

Foolish roundup
Growth, cash, and positive phase 3 results; can we really ask for much more than this? Only time will tell if these calls prove correct, but you can start by adding these stocks to your free and personalized watchlist to keep up on the latest news moving each company.