Why Virgin Galactic Shares Fell This Week

Virgin Galactic Holdings (NYSE: SPCE) completed a historic milestone last Sunday, successfully launching founder Richard Branson into space. But investors reacted by running for the exits, with the stock off 35% for the week as of 2 p.m. EDT Thursday.

Call this the cosmic edition of popular Wall Street saying, "Buy the rumor, sell the news." Branson's flight into space happened nearly a year after it was originally planned, due to a combination of COVID-related delays and some testing setbacks. The stock fell significantly at times last year due to those setbacks, but had gained more than 200% in the six weeks leading up to the July 11 flight.

Richard Branson (second from left) and the mission specialists ahead of the July 11 flight. Image source: Virgin Galactic.

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Source Fool.com