From Feb. 19, 2020, to March 23, 2020, the S&P 500 dropped from 3,386.10 to 2,237.40, losing 33.9% of its value. The global outbreak of COVID-19 understandably rattled financial markets, triggering economic shutdowns and widespread fears about the virus’s impact.
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Fortunately, the S&P 500 recovered to new all-time highs by August 2020 and is now up about 150% from its COVID lows. Unfortunately, there are a handful of quality stocks that have missed out on the COVID recovery. Here are seven stocks still trading below their lowest March 2020 prices:
| Stock | Return since lowest March 2020 close* |
| Biogen Inc. (ticker: BIIB) | -47.8% |
| Baxter International Inc. (BAX) | -48.6% |
| Estee Lauder Cos. Inc. (EL) | -50.6% |
| Teleflex Inc. (TFX) | -35.5% |
| Match Group Inc. (MTCH) | -35.2% |
| Dollar General Corp. (DG) | -34.5% |
| Intel Corp. (INTC) | -38.7% |
*As of March 21, 2025, close.
Biogen Inc. (BIIB)
Biogen is a global biopharmaceutical company focused on developing therapies for neurological and neurodegenerative diseases. Its best-selling drug of 2024 was multiple sclerosis treatment Tysabri. Biogen has an impressive portfolio of commercial drugs, and it was one of the best-performing stocks in the first 30 years following its 1991 initial public offering. However, Biogen has struggled with growth in recent years, especially after losing exclusivity on drugs like MS treatment Tecfidera. So far, sales of Biogen’s Alzheimer’s disease drug Leqembi have not been enough to offset declines in its core MS portfolio. BIIB stock closed at $140.90 on March 21, down 47.8% from its lowest March 2020 close of $268.88.
Baxter International Inc. (BAX)
Baxter International is a global medical products and services company that provides hospital supplies. Baxter has been focused on restructuring its business in recent years, including the recent sale of its kidney care segment to the Carlyle Group and the 2021 acquisition of Hillrom. Unfortunately, while Baxter’s products are in high demand, stiff competition has limited pricing power and earnings growth opportunities. In addition, the restructuring has created uncertainty for investors and limited long-term financial visibility. The company reported a $649 million net loss in 2024. BAX ended up at $33.19 on March 21, down 48.6% from its March 2020 low of $64.59.
Estee Lauder Cos. Inc. (EL)
Estee Lauder is one of the world’s leading skin care, makeup and fragrance product manufacturers and marketers. In addition to the advantages its large scale provides, Estee Lauder owns many category-leading brands. The stock has underperformed since the pandemic, largely due to investor concerns about the company’s exposure to challenged U.S. department stores and rising online competition from Amazon.com Inc. (AMZN). However, Estee Lauder remains a leading pure-play investment in the premium beauty market, which has significant global growth opportunities, particularly in emerging markets in Asia. EL stock closed at $66.95 on March 21, down 50.6% from its March 2020 low of $135.50.
Teleflex Inc. (TFX)
Teleflex designs, develops and supplies single-use medical devices used by hospitals and other health care providers. Its product categories include vascular access, anesthesia, surgical, and interventional cardiology, respiratory and urology devices. Teleflex shares took a big hit in February when the company announced a plan to acquire Biotronik’s vascular intervention business and split Teleflex into two separate public companies by mid-2026. Teleflex will split off its urology, acute care and manufacturing businesses into a new company, and it anticipates 6%-plus revenue growth and gross margins in the mid-50% range post-split. TFX stock closed at $141.56 on March 21, down 35.5% from its March 2020 low of $219.41.
[Read: 5 Rising Stocks in 2025]
Match Group Inc. (MTCH)
Match operates several leading online dating platforms, including Match.com, Tinder, Hinge and OK Cupid. While Match’s revenue growth is no longer as impressive as it once was, it has reported positive growth in each of the past five years. Total payers were down 5% to 14.9 million in 2024, but revenue per payer was up 8%. Match has guided for slightly lower revenue in 2025, but the company has opportunities to incorporate artificial intelligence features to optimize its platform’s algorithms and potentially rekindle growth in the future. MTCH stock closed at $30.49 on March 21, down 35.2% from its March 2020 low of $47.07.
Dollar General Corp. (DG)
Dollar General is one of the largest dollar-store discount retailers in the U.S. From Feb. 20, 2018, to Feb. 20, 2020, Dollar General’s stock gained 78.9%, more than tripling the S&P 500’s 24.2% gain. In the past five years, however, Dollar General’s low-earning customer base has been squeezed by inflation. The company has also dealt with a rise in shoplifting. However, Dollar General reported 1.2% same-store sales growth in the most recent quarter, and the stock trades at an attractive forward earnings multiple of 15.2. DG stock closed at $83.66 on March 21, down 34.5% from its March 2020 low of $127.69.
Intel Corp. (INTC)
Intel is the largest U.S. producer of microprocessors, central processing units for personal computers and many other semiconductor products. Since 2015, Intel has squandered a large portion of its market share in its core CPU business to Advanced Micro Devices Inc. (AMD) and other competitors. Intel has also fallen behind in AI chip design and has dropped the ball in chip manufacturing. Despite its many problems, Intel may get the fresh start it needs under new CEO Lip-Bu Tan, who is reportedly prioritizing cost cutting and AI chip production. INTC shares ended up at $24.26 on March 21, down 38.7% from their March 2020 low of $39.54.
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Update 03/24/25: This story was published at an earlier date and has been updated with new information.
