To be fair, it was also up 40% yesterday on nearly identical volume, so even after today's drop, it is still up almost 15% this week.
I've taken a position on the March $0.50 calls, June $0.50 calls, and June $1.00 calls as they have an FDA, PDUFA decision upcoming on February 14th, so if approved, could lead to a nice pop, perhaps?
But yes, penny stocks can be hectic, even if they are on the NASDAQ.