Virgin Galactic (NYSE:SPCE) shares descended Friday morning after the company delayed its next spaceflight test, which was scheduled for this weekend.
"We have been progressing through our pre-flight preparations and, during that process, we have decided to allow more time for technical checks. We are working to identify the next flight opportunity," the company said.
The stock had jumped 13% the day before, after a notice from the Federal Aviation Administration (FAA) indicated the spaceflight test was on track to launch as early as Saturday. The company had confirmed that it was "making good progress through our flight preparations," but noted at the time that the flight attempt was still pending technical readiness.
The rally in SPCE followed a downgrade the day before from UBS on concerns over the "stratospheric" move higher in share price.
The spaceflight test is a redo of the December attempt the company aborted mid-launch. Virgin Galactic spent two months analyzing the cause of the abort and carrying out ground testing, with the test flight set to check "the remedial work that has been completed."
While only two pilots will be on board, the flight is expected to be the first of three in a series as the company seeks to finish development of its spacecraft system.
SPCE shares slumped $6.59, or 11.1%, to $52.82.
