What is the difference betwen a "penny stock" and a very low priced stock on a legitimate exchange?

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shea
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Is there a difference between penny stocks sold through counter actions and very cheap on NASDAQ . For example , NASDAQ had a few drug companies today (I've never heard of ) sales of between 7 and 55 cents . My instincts tell me that if a stock is so cheap , there's a reason, and is more likely to go to zero than anything else , but it looks like a lot of head too. I'm not looking to invest my retirement , which are more or less investing small amounts of money for entertainment , and while buying a share of apple can give a moderate yield in the long term , this is not what we are looking for with this money . On the other hand , we do not through money , and it seems that there are plenty of actions ( such as airlines ) that are trading for a dollar or two that could be a fun investment . Any advice ?
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