The Virgin Galactic Holdings Inc (NYSE: SPCE) stock emerged as one of the notable fallers on Monday. SPCE stock declined by as much as 8.50% yesterday and the carnage continued in the pre-open session as it declined by another 20%.
Yesterday, the stock tanked after the company failed to provide a definite timeline with regards to the next test flight. Virgin Galactic posted its earnings report yesterday but the lack of information regarding the next test flight seemed to have put off investors.
Michael Colglazier, who is the Chief Executive Officer of the company, stated that Virgin Galactic continues to make great progress in order to meet its objectives.
He went on to state that the company now has strong momentum that is going to help it in concluding its test flight program. At this point in time, Virgin Galactic is still in the process of evaluating the timeline regarding the test flight. It remains to be seen when the announcement comes along.
SPCE stock is down 20% at $14.34 in the pre-market session. The stock has lost almost 70% from its 52-week high of $62.80 in mid-February