Virgin Galactic extended its extraordinary rally on Thursday, heading for its ninth consecutive day of gains.
There was no public catalyst from the company driving the stock's move. Virgin Galactic CEO George Whitesides spoke Thursday morning at an investor conference hosted by Barclays in Miami — but his presentation is not expected to be released, the bank told CNBC.
Virgin Galactic has little in the way of revenue thus far. When it reported third quarter results in November, the company booked just $800,000 of revenue for the quarter and a net loss of $138.1 million for the first nine months of 2019.Virgin Galactic's rally has taken even the most bullish Wall Street analysts by surprise, as
He noted that it is difficult to identify a major inflection that justifies the stock's move to its current levels.Morgan Stanley has an overweight rating and a $22 price target on the stock.
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