You love buying your shirts when they go on sale. And who can resist a buy-one-get-one-free offer? So when our stocks go on sale, why do we bemoan their low prices?

Smart investors like Warren Buffett or Marty Whitman love it when their stocks are suddenly selling at bargain-basement prices. For them, these companies become no-brainer buys.

The investors in the Motley Fool CAPS community also like a bargain, apparently. Below, you'll find three companies whose shares are selling at least 50% below their 52-week highs, but which still earn high honors from our investor-intelligence database. Consider it a BOGO sale on stocks.

Stock

CAPS Rating (out of 5)

% Off 12-Month High

Exelixis (Nasdaq: EXEL)

*****

62%

Jamba (Nasdaq: JMBA)

****

55%

Metalico (NYSE: MEA)

*****

55%

Naturally, we want you to look a bit closer at these stocks before buying. You can get low-priced appliances in the dent-and-ding section of your home-remodeling superstore, but their quality might not be so good. Same thing here: Make sure there's nothing seriously wrong with the company before you plug it into your portfolio.

Take two, they're small
Contract revenue at development stage biotech Exelixis continued its march north, nearly doubling from the year ago period as revenues from sanofi-aventis and Bristol-Myers Squibb (NYSE: BMY) climbed higher. That enabled the cancer therapy developer to halve its net loss for the quarter, but they also said full year revenues would be narrower than previous guidance suggested.

This all comes about as Exelixis restructures its organization and streamlines operations. That's meant a halt to new drug development until the plans are in place, one of which apparently includes a new CEO after the former executive resigned and joined Biogen Idec (Nasdaq: BIIB). But with a passel of drugs in development already, there's a better chance Exelixis hits the mark with one of them meaning investors are getting a robust portfolio at a very cheap price.

CAPS member caballote77 agrees the stock is exceptionally undervalued, and notes that insiders have recently bought slugs of stock. Does its depressed value and reorganization make it a takeover target now?

Too cheap. Selling for almost the cash on the B.S.
Executives have been buying (with their own cash) shares hand over fist. 

Buy out possibility within the next year.

A reserve player
Juice maker Jamba is trying to squeeze its costs by switching to a franchise model. Right now, company-owned stores account for 58% of its total outlets, down from 61% last quarter and 66% a year ago. It ultimately wants to flip those numbers by having 60% of its stores run by franchisees.

And it's those franchisees who are backing the change as they've been buying up the new opportunities. For example, earlier this month it sold off 13 stores to operators who have current or previous Jamba experience. That offloads a lot of the risk and cost from the company, while agreements to have its products distributed through retail outlets like Wal-Mart, Target, and Safeway give it the chance to juice growth.

These initiatives have attracted the attention of investors like CAPS member slyvestorethecat who sees the low price as an opportune time to get in on the turnaround.

This stock price is a steal again. Management has turned things around led by James White. Nestle deal is coming plus they will be adding more franchises and stores by year end. Expect a great quarter in Nov, now with the coffee and the deals with core-mark and snak all going to increase revenue.

With friends like these
As if we needed another reality TV show, Scrappers, which debuted on Spike TV last month, details the exploits of Brooklyn scrap metal collectors and what an entertaining mess it is. Following three different teams of "scrappers," the highlights include colorful language, dilapidated collection vehicles (Fred Flintstone would be proud as one truck has no floorboards), and flipping off customers. Real Housewives it's not.

Let's hope the operations of scrap metal recycler Metalico run a bit more smoothly. Earlier this year the recycler was in the midst of recovering from falling prices and volume as steel mills like Nucor (NYSE: NUE) cut back on production to adjust to the recession. That improvement continued in the second quarter as volumes continued to rise and pricing improved for ferrous, non-ferrous, and platinum group metals.

While 21popsontop sees the possibility of short-term volatility, he thinks the longer term trend will be for it to rise once again.

Could see some more downside,but is a solid run company that should rebound nicely. You may want to wait until insiders start picking up a few more on the down turn as they have called pretty close in the past,but then again it may no0t wait on you. Flip the coin and I'll go with it.

Have half a mind
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Wal-Mart is a Motley Fool Inside Value selection. Exelixis is a Motley Fool Rule Breakers recommendation. Nucor is a Motley Fool Stock Advisor selection. The Fool owns shares of Exelixis and Wal-Mart. Try any of our Foolish newsletter services today, free for 30 days.

Fool contributor Rich Duprey does not have a financial position in any of the stocks mentioned in this article. You can see his holdings here. The Motley Fool has a disclosure policy.