Virgin Galactic Holdings, Inc. (NYSE:SPCE) shares spiked higher Friday morning before falling into the red after the company completed its second glide flight test and said it will start preparing for powered spaceflights from Spaceport America.
This flight follows the completion of the first test flight from the company's commercial headquarters in New Mexico on May 1, and marks another important milestone as the team progresses toward the launch of Virgin Galactic's commercial service, according to a Thursday press release.
"I am thrilled with the team's hard work to complete today's test flight successfully. It was an important test that, pending data review, means we can now start preparing the vehicles for powered flight," George Whitesides, CEO of Virgin Galactic and The Spaceship Company, said in a statement.
Virgin Galactic is a U.S.-based, vertically integrated aerospace company pioneering human spaceflight for private individuals and researchers, as well as a manufacturer of advanced air and space vehicles.
Virgin Galactic shares were down 0.66% at $15.14 at the time of publication. The company has a 52-week high of $42.49 and a 52-week low of $6.90.