Shares of stock in Virgin Galactic (NYSE: SPCE) rose more than 14.5% since Wednesday morning on news that the commercial aerospace company flew its "mothership" for the first time in more than a year.
The price of Virgin Galactic stock opened at $5.21 on Wednesday before closing at $6.01 hours after Virgin's test flight of its VMS Eve suborbital carrier mothership came at the Mojave Air and Space Port in Southern California.
On Thursday, the stock closed at $5.97, according to MarketWatch data. Shares closed at an all-time high of $59.41 in February 2021, per MarketWatch.
Wednesday's flight was the ship's first flight since its trip from New Mexico's Spaceport America to Mojave in October 2021, according to a report from SpaceNews. Since that flight, VMS Eve has undergone a series of mechanical alterations, the website reported.
Kelly Latimer, Virgin Galactic's Senior Flight Test Director, said in an interview published on Virgin Galactic's website Wednesday that VSS Unity is "ready and waiting" to reunite with VMS Eve. And, once ready, she said that Eve could return to the Land of Enchantment.
"After we complete system checks during (the) initial flight test, Eve will fly what we call a ferry flight to New Mexico," Latimer said in the interview.
Michael Colglazier, Virgin's CEO, said in the company's most recent earnings call in November that it's on track to resume commercial flights in the second quarter this year. The company still plans to fly a research mission with a crew from the Italian Air Force, which was ultimately delayed.
November's earnings call showed a net loss of $146 million for the company in the third quarter of 2022 compared to a $48 million net loss in the third quarter of 2021. Virgin's quarter four 2022 earnings call is scheduled for Feb. 28.
Virgin Galactic, the anchor tenant at Spaceport America located near Truth or Consequences, has been beset with delays following the promise of its July 11, 2021 flight of the company's SpaceShipTwo. During the flight, the vehicle deviated from its assigned airspace on its descent from space which led to a Federal Aviation Administration investigation. The federal regulatory agency later cleared Virgin Galactic.
British entrepreneur Sir Richard Branson's space venture later announced that a third-party supplier informed the company of a potential manufacturing defect in a flight control component. The company was working to learn if the defect exists in Virgin Galactic vehicles and what steps to take if it does exist, Business First reported in 2021.
While initially set to resume commercial flights in late 2022, Virgin last spring further pushed its commercial flight timeframe to this year.
Virgin announced plans to build an astronaut campus and training facility in Elephant Butte near Spaceport America in August, but more details about that facility remain sparse. It's also constructing a manufacturing facility for its next generation of ships in Mesa, Arizona.
