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Lost in Space: Virgin Galactic Continues to Come Down to Earth

·2 min read
Lost in Space: Virgin Galactic Continues to Come Down to Earth
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Virgin Galactic Holdings gapped lower Friday on a downgrade to "sell" from "hold" by a sell-side firm as it seems the company needs more money as it continues to burn cash. The space tourism company also said it had postponed the start of its commercial flights. In the daily bar chart of SPCE, below, we can see that the shares have been trying to bottom since February but Friday's gap lower is going to upset the buyers.