Are these 3 beaten down ASX shares in the bargain bin?

The Blackmores Limited (ASX:BKL) share price is one of three to have fallen sharply in the last 12 months, is it time to pick up a few bargains?

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Although the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has managed to carve out an impressive 17.5% gain in the last 12 months, not all shares on the market have been so lucky.

In fact, the three shares listed below have fallen significantly during this time. Does this make them bargain buys?

The Bellamy's Australia Ltd (ASX: BAL) share price has fallen a whopping 54% in the last 12 months due to its sudden fall from grace in the lucrative Chinese market. But despite the infant formula company's shares falling sharply, they are still changing hands at around 34x estimated FY 2017 earnings according to CommSec. I think this is very expensive given the risks that surround the business, so would caution against an investment at this stage.

The Blackmores Limited (ASX: BKL) share price has dropped 38% since this time last year. The health supplements company was hit hard last year by proposed regulatory changes aimed at curbing the grey market trade of items such as vitamins, health foods, and infant formula. But with these new laws being delayed indefinitely, I feel Blackmores could be about to see a nice boost in sales again. While this year's result will almost certainly be a step backwards from last year, I expect a return to growth in FY 2018. This could make it an opportune time to make a buy and hold investment.

The iSentia Group Ltd (ASX: ISD) share price has performed even worse than the other two shares with a 57% decline in the last 12 months. The catalyst for this sharp decline was the shocking performance of its recently acquired content marketing business King Content. Its poor performance means the company expects its content marketing segment to post a $3 million full-year operating loss. Whilst there are parts of the business that I really like, until I see a vast improvement in its content marketing segment I'll be staying well clear of the media monitoring company.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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