Why Virgin Galactic Stock Dropped Friday Morning
Shares of Virgin Galactic (NYSE: SPCE) tumbled 2.9% through 10 a.m. ET on Friday after Truist cut its price target on the space tourism stock by two-thirds -- from $3 all the way down to just $1 a share.
In a note this morning, The Fly described Truist's move as mere collateral damage from the bank's broader feeling that aerospace stocks are being stressed and that airplane production this year is looking about 7% weaker than predicted. But that's not the only problem bugging Virgin Galactic investors this week.
On Wednesday, you see, Virgin Galactic announced the date for its upcoming "Galactic 05" space tourism flight. Described as a space science mission staffed with private astronauts who are also scientists, this sixth-in-a-row manned space mission for the company will maintain Virgin Galactic's promised launch cadence of roughly one flight per month -- apparent good news for the stock that completely failed to lift Virgin Galactic's share price when it was announced.
Source Fool.com
