Stocks trading below net cash value are definitely targets for swing trades. Give it some time and those stock will eventually trade back to where they should be. $TTPH (Tetraphase Pharma stock) started trading below net cash value minus debt when it hit $6 in mid-January and it went as low as $4.05. We bought shares and traded around a core position in and out for around 6 weeks. $TTPH at one time had a negative Enterprise Value of -$80M! Someone could have bought the entire company, halted all drug trials, and hoarded their cash and walked out with a nice profit!
Even though we made $11,808 on the trade, we were not 100% satisfied with it as we rode the stock down -35% from our $6.22 initial buy. But with conviction, you have to buy more on the way down into weakness and wait for the bounce to happen which it did. We sold out a day before $TTPH earnings and corporate update to minimize any risk and to lock-in profits.