A Likely Coronavirus Victim: Virgin Galactic’s Planned 2020 Commercial Launch
Virgin Galactic Holdings (NYSE: SPCE) reported its fourth-quarter and full-year 2019 results at the end of last month. This was the space tourism pioneer's first quarterly report as a public company, as it became publicly traded in October via a reverse merger. (This method allows companies to go public more quickly than the usual initial public offering, or IPO, route.)
Shares dropped 15.5% on the day following the release. While top- and bottom-line results missed Wall Street's expectations, the main culprit behind the stock's plunge was probably the coronavirus-driven market sell-off. Investors have been particularly ditching speculative and highly valued stocks.
The stock, which closed at $14.69 on Friday, March 13, is 61% off its all-time closing high of $37.35, set on Feb. 19. However, it's still up nearly 25% from when the company joined the public markets.
Source Fool.com
