There are many more new lows than new highs across corporate fixed income and US equities.
This means that if a stock is down, it is likely to keep falling lower. Few stocks are reaching new highs. So, FOMO is a cost effective strategy still applies.
If you like a down-trodden stock and feel you have to have it. Write it down, do some more due diligence, then wait 1-2 weeks. It will likely be cheaper then. If not, there will be many other cheap stocks to choose from.