Virgin Galactic leaps 14% to 9-month high as first New Mexico test flight looms

• Virgin Galactic rallied as much as 14% to its highest level since late February as the company further prepared for its first manned test flight.
• The spacetravel firm announced on December 1 that it aims to launch its first test trip from Spaceport America in New Mexico as soon as Friday.
• Virgin Galactic tweeted Sunday that SpaceShipTwo Unity was paired with its mothership VMS Eve, marking key progress in launching its highly anticipated test.
• The manned test was initially set to take place in November before rising COVID-19 cases in New Mexico delayed the launch.
• Watch Virgin Galactic trade live here.

Virgin Galactic surged as much as 14% on Monday after the spacetravel company said Sunday that it's continuing to prepare for a critical test flight.

The company announced on December 1 that it aims to launch a flight as soon as Friday, pending good weather and technical readiness. The launch is set to be Virgin Galactic's first manned test flight and comes after rising COVID-19 cases delayed the test in November.

Virgin Galactic's Sunday tweet indicates the "technical readiness" aspect of the upcoming test is proceeding as planned.

"SpaceShipTwo Unity is mated to our mothership, VMS Eve, as preparations continue for our first spaceflight from Spaceport America, New Mexico," the company said.

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The rally placed shares at their highest point since February 26. Virgin Galactic has rallied roughly 182% year-to-date as investors bet on the firm to dominate the space tourism industry.

VSS Unity completed two test flights in Mojave, California before the company relocated its facilities to New Mexico. Testing has since included unpowered glides, and the launch window for the spacecraft's first powered flight opens on December 11.

The powered test was originally scheduled to take place between November 19 and 23 before the state's spike in COVID-19 cases prompted a delay. Pandemic protocols prohibit guests and the press from attending the launch, and Virgin Galactic's operational footprint at its Spaceport America was "further minimized" through the end of November, the company said in a December 1 statement. Only essential staff will attend pre-flight operations ahead of and during the test.

Virgin Galactic traded at $_ as of _ p.m. ET Monday. The company has five "buy" ratings and four "hold" ratings from analysts.

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