By Kim Khan
Investing.com – Virgin Galactic Holdings (NYSE:) flew past another milestone Wednesday in its other-worldly rally of 2020.
Shares of the private spaceflight company jumped another 17% to $35.45. The stock is now up more than 200% year to date.
Virgin Galactic soared 27.4% on Tuesday as the momentum money continues to pour into shares.
Tomorrow could be another catalyst for the stock as CEO George Whitesides presents at the Barclays (LON:) Industrial Select Conference in Miami. The presentation will come before the opening bell.
Virgin Galactic is racing against Tesla (NASDAQ:) CEO Elon Musk’s SpaceX and Amazon (NASDAQ:) CEO Jeff Bezos’ Blue Origin to bring tourists into space, but is the only one of the three whose shares are publicly listed. That makes Virgin Galactic the only option for stock market investors who want to buy into the emerging business of space travel.
Virgin Galactic has over 600 reservations and $80 million in deposits for 90-minute flights that include several minutes of weightlessness, priced at $250,000 a ticket.
The shares received a boost last week after Virgin Atlantic moved its SpaceShipTwo vessel to its operational base in New Mexico. Attached to its carrier aircraft, VSS Unity was flown from its manufacturing facility in California.
The move to “Spaceport America,” a purpose-built commercial spaceport, lets it begin final stages of test flights, according to Virgin Galactic.
— Reuters contributed to this report.
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