Are these 3 beaten down ASX shares bargain buys?

The Mayne Pharma Group Ltd (ASX:MYX) share price is one of three falling hard this year. Are they bargain buys?

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After giving back the strong gains it made in April, year-to-date the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is mostly flat at 5,676 points.

Whilst this is disappointing, spare a thought for the shareholders of the shares listed below which have fallen sharply this year. Are they bargain buys now?

The Mayne Pharma Group Ltd (ASX: MYX) share price has fallen 24% year-to-date. The pharmaceutical company has come under significant pressure this year largely as a result of Donald Trump's plan to shake up the generic drugs market and force companies to reduce prices. Whether or not this eventuates is hard to tell, but until the matter is resolved I expect the negative sentiment surrounding Mayne Pharma's shares will remain. Whilst it is a great company and arguably dirt cheap now, I think it may be prudent to hold off an investment for the time being.

The Myer Holdings Ltd (ASX: MYR) share price has tumbled a whopping 38% in 2017. Although the department store operator's turnaround was showing signs of promise over the Christmas period, a weak third-quarter result appears to have the market worried again. Especially with Amazon preparing to launch in Australia. Many believe that the e-commerce behemoth has been behind the demise of the U.S. department store industry and I can see it doing the same here in Australia, unfortunately. So although Myer's shares are cheap, I would suggest investors stay clear of the company.

The Premier Investments Limited (ASX: PMV) share price is down around 14% year-to-date. Like many retailers, the impending arrival of Amazon in Australia has weighed heavily on its shares this year. Whilst I think some of the company's brands may struggle with the increased competition, I feel its key Smiggle and Peter Alexander brands will continue to flourish despite Amazon's arrival. After all, Smiggle has proven to be a huge success in the U.K. market which Amazon has operated in for almost two decades. In light of this I think Premier Investments could be worth a closer look following this decline.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Amazon. Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Premier Investments Limited. 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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