Why Virgin Galactic Stock Sank Today

The stock of space tourism company Virgin Galactic Holdings (NYSE: SPCE) has been flying high recently. Shares shot up almost 40% last Friday after a positive business development. But the stock is giving some of that back today, trading down about 7.5% as of 10:30 a.m. EDT.

Today, Bank of America Securities issued a downgrade on Virgin Galactic stock, knocking it down two notches from a buy rating to underperform (sell), as reported by CNBC. The firm cited the fact that it believes the good news reported last week is now fully priced into the stock. Last week, the Federal Aviation Administration (FAA) gave the company a license for passenger space flights after its latest successful test flight in May.

Source Fool.com