To The Moon

Even with the stock market down, it isn't all doom and gloom. In fact, as major indexes slip lower, there are more than a fewpenny stocksto watch right now. This seems to have become a trend for 2022 as cheap stocks remain a daily focus while broader trends send large- & mega-cap stocks to new lows.

Are penny stocks risky? You bet and it's the high-risk, high-reward aspect that is so attractive to day traders in particular. Though investing in penny stocks may be an entirely different beast, during the 2022 stock market crash, the individual moves made by stocks under $5 are unavoidable. The critical part for market participants to bear in mind is that knowing how to trade is the most important thing to learn before diving into this volatile arena.

Let's look at a handful of penny stocks to watch while the stock market is down.

1. NeuroSnse Therapeutics (NASDAQ:NRSN)

Does NeuroSnse Therapeutics$Neurosense Therapeutics Ltd(NRSN)$ sound familiar?  NeuroSense Therapeutics reports completion of the "in-life" phase of its 90-day GLP Toxicology study successfully.

All animals appeared normal, with no significant findings observed. In this study the components of PrimeC, celecoxib and ciprofloxacin, were administered to rodents at doses 4x the maximal clinical dose. The company will present the data obtained in this study to theFDAas part of PrimeC's drug development plan."

Why is NRSN stock moving? One of these headlines was a report of positive preliminary results from its Alzheimer's biomarker study. It showed the potential of NeuroSense's combination drug, CogniC, which is expected to move into clinical trials next year.

2. Ardelyx Inc. (NASDAQ:ARDX)

Biotech company, Ardelyx$Ardelyx(ARDX)$ has been locked in a sideways channel for the better part of the last month. However, during that time, the company has reached some significant milestones. Its model centers around developing medicines for unmet medical needs including its first approved product IBSRELA in treating irritable bowel syndrome. The company is also developing XPHOZAH, which is an absorption inhibitor to reduce phosphate absorption.

This month, XPHOZAH was in the spotlight after the FDA informed the company that itsAdvisory Committeefor cardiovascular and renal drugs will discuss Ardelyx's New Drug Application for XPHOZAH in chronic kidney disease patients. Last year, the company received a complete response letter from the FDA requesting more input from experts who care for dialysis patients. Now, the market looks to November 16th as the next potential date for a tentative NDA.

Why is ARDX stock moving? The company announced a multi-million dollar financing deal with HealthCare Royalty Partners. The $20 million deal is based on future royalties and sales milestones from Ardelyx collaboration partner, Kyowa Kirin. Kyowa is commercializing tenapanor, the active ingredient in IBSRELA and XPHOZAH, in Japan for hyperphosphatemia.

Ardelyx will receive a $10 million upfront payment from HealthCare Royalty, an additional $5 million after Kyowa Kirin receives regulatory approval to market tenapanor for hyperphosphatemia in Japan, and $5 million in the event net sales in Japan exceed a certain target level by 2025.

3. Revelation Biosciences Inc. (NASDAQ:REVB)

Shares of another biotech penny stock, Revelation Biosciences$Revelation Biosciences, Inc.(REVB)$ have jumped early on June 30th. The move comes as a continuation of post-market momentum. The company's stock has been on the move after Revelation announced that it completed dosing for is Phase 1b CLEAR clinical study of REVTx-99b in allergic rhinitis.

In a mid-June update, James Rolke, Chief Executive Officer of Revelation explained, "We are excited to complete enrollment in this study and look forward to reporting the results in the third quarter of 2022."

As the third quarter rapidly approaches, this may have come back to light recently. The important thing to remember right now is that REVB stock has gapped up significantly during premarket hours. So it will be interesting to see how things unfold as the final day of June moves forward.