Why Virgin Galactic's Stock Is Trading Higher Again Today

Virgin Galactic Holdings Inc (NYSE: SPCE) is trading higher again Friday morning after the stock was upgraded. 

What Happened: UBS analyst Myles Walton upgraded Virgin Galactic from Neutral to Buy and lowered the price target from $40 to $36.

On Thursday, the company announced that the next rocket-powered test flight of SpaceShipTwo Unity is set to take place on May 22, assuming fair weather conditions and the successful completion of technical checks.

Related Link: Virgin Galactic Shares Rocket Higher: What Investors Should Know

Virgin Galactic announced this news after it completed a maintenance review of VMS Eve, the mothership jet aircraft designed to carry SpaceShipTwo to an altitude of approximately 50,000 feet.

Following the flight scheduled for Saturday, the company will complete a data review in order to provide information about the next steps in the test flight program.

Price Action: Virgin Galactic traded as high as $62.80 and as low as $14.21 over a 52-week period. 

At last check Friday, the stock was up 4.39% in premarket trading at $20.68.