What’s Your Take on Fallen Angel Stocks?

I've been hearing a lot about "fallen angel" stocks lately, and I’m curious about everyone’s thoughts. You know, those companies that were once high-fliers but have since seen their stock prices plummet, sometimes due to earnings misses or other setbacks.

I recently picked up a few shares of one that’s been beaten down pretty hard, and while I’m hoping for a rebound, part of me is nervous. Has anyone here had luck with fallen angels? Did you ride the wave back up, or did it sink further? I feel like there might be a hidden gem in there somewhere, but I also don’t want to throw good money after bad. Would love to hear your experiences and insights!