Why Virgin Galactic's Shares Dropped 6% Today

Shares of space company Virgin Galactic (NYSE: SPCE) fell as much as 6% in trading on Friday as investors digest some large insider sales this week. The drop didn't last long and at 12:10 p.m. EDT shares were down just 1.4% on the day. 

Last weekend, Virgin Galactic had to abort a test flight after a communication glitch prevented VSS Unity's engine from igniting. That was followed by chairman Chamath Palihapitiya selling 3.8 million shares in order to fund other ventures next year. 

Image source: Virgin Galactic.

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Source Fool.com