Image source: Flickr user 

While many companies' shares are rising past their fair values now, others are trading at potentially bargain prices. The difficulty with bargain shopping, though, is that you may be understandably hesitant to buy stocks wallowing at 52-week lows. In an effort to separate the rebound candidates from the laggards, it makes sense to start by determining whether the market has overreacted to a company's bad news.

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

A prescription for growth
What better place to start our search for value stocks this week than by turning to Albany Molecular Research (NASDAQ:AMRI) in the healthcare sector.

Albany Molecular Research provides a number of contracted services to biotech, Big Pharma, and government institutions, which can include drug discovery tools and analytic chemistry services, active pharmaceutical ingredient (API) manufacturing services, and drug formulation development. The big reason its share price has been in an almost straight downward spiral since the beginning of the year relates to the deflation of valuations throughout the biotech industry. There are clear worries that with valuations falling, contracting service companies like Albany Molecular could see slowing growth.

Image source: Centers for Disease Control and Prevention. 

However, Albany Molecular's results suggest continued strong growth despite the recent hiccup in biotech. Albany Molecular's approach to grow both organically and through acquisitions is allowing it to dramatically improve its top-line, while rapidly diversifying its customer base and business services offered to drug developers and researchers.

Just last year, Albany Molecular Research gobbled up a manufacturing facility in Glasgow, Gadea Pharmaceutical, which boosted its specialty and generic API offerings, and SSCI, a drug product development unit that helps solve substance and formulation challenges. Relying on organic demand growth for manufacturing and analytical solutions, while also leaning on these acquisitions, helped push revenue up by 45% in fiscal 2015 to $402.3 million.

Taking into account Albany Molecular Research's expected double-digit percentage sales growth and its forward P/E of just 13, this looks like a value stock that could be too inexpensive to pass up.

Bank on this
Next up we have the "most interesting bank in America," as my bank-inspired Foolish colleague John Maxfield dubbed Bank of New York Mellon (NYSE:BK) in October.

The Bank of New York Mellon has been whacked with other financial stocks in recent months on fears of a global slowdown in growth. A higher risk of recession potentially endangers interest-based, and, to a lesser degree, noninterest income potential. Additionally, the threat of a weakening U.S economy could halt the Federal Reserve's plans to steadily raise interest rates, which in turn is disappointing for shareholders looking for an expansion of net interest margin.

Image source: Bank of New York Mellon.

While these aren't concerns to sweep under the rug, they're not exactly a big worry for non-traditional banking entity Bank of New York Mellon, or BNY Mellon for short. BNY Mellon's focus is on high net worth clients, and serving as account custodian for institutional investors. That's a big difference from the bread and butter of deposits and loans that typically makes the banking world go round.

In BNY Mellon's fourth-quarter results, released in January, we saw just how important noninterest revenue is to the company. Investment service and other revenue totaled $1.93 billion, compared to just $632 million in net interest revenue. Adding up all of the banks' operating segments, nearly 80% of BNY Mellon's revenue derives from noninterest income. This makes BNY Mellon less vulnerable to interest rate stagnation and better positioned to survive an economic downturn relative to its peers.

Looking ahead, BNY Mellon is valued at less than 11 times forward earnings, and shareholders have witnessed a steady climb over the last four quarters in tangible book value. Although its dividend yield of 2% might be a bit low relative to its peers, you can take comfort that BNY Mellon's non-traditional business model should provide some degree of protection in down markets, and it has the potential to thrive in an expanding economy. 

A smoking value stock
Finally, value stock investors looking for a good deal, and a smoking good dividend yield, would be wise to take a gander at British American Tobacco (NYSE:BTI), one of the five largest tobacco producers in the world.

The biggest concern for tobacco producers has been the link established between smoking and the risk of developing heart disease, lung cancer, COPD, asthma, and a host of other ailments. Global cigarette volumes remain challenged, with comparable volume for British American Tobacco falling by 0.8% in 2015. Inclusive of its acquisition of TDR, shipped volume fell by 0.5% to 663 billion.

Image source: Pixabay.

In spite of this drop in volume, a mix of geography, pricing power, and innovation should work in BTI's favor, potentially making this a value stock worthy of your consideration.

First, British American Tobacco operates in about 80% of all countries worldwide, with the United States not among that 80%. The U.S. is particularly known for its War on Tobacco and its notoriously harsh tobacco laws. BTI will encounter some tough restrictions in countries like Australia, but for each country that introduces tougher tobacco laws there are seemingly two more witnessing a burgeoning middle-class looking for simple luxuries, such as the ability to smoke cigarettes. This gives BTI a pretty substantial global growth opportunity, and it removes many of the issues U.S. tobacco producers face.

Secondly, the addictive quality of nicotine gives BTI substantial pricing power. As we've witnessed in the U.S., consumers will pay more to get their hands on tobacco products. This means BTI can increase the price of its products to counteract any volume weakness. In fact, on a constant currency basis the company's adjusted EPS grew by 10% in 2015.

Finally, BTI is relying on innovation to counter some of the drop in cigarette volume. By pushing its electronic cigarette brand Vype, as well as other tobacco alternatives, BTI believes it can diversify its revenue stream away from just traditional tobacco products.

Looking at a forward P/E of less than 16, and sporting a 2.8% yield, this could prove to be a smoking hot value stock.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.