UBS downgrades Virgin Galactic on valuation after stock doubles in 2021

Virgin Galactic's spacecraft Unity reaches space for the first time.
Source: Virgin Galactic

Virgin Galactic shares were downgraded to neutral from buy on Wednesday by a UBS analyst, citing the "stratospheric stock move" that's seen it more than double in the first six weeks of 2021.

The stock dropped as much as 8% in early trading. Still, Virgin Galactic remains up about 120% year to date and rallied to an all-time high last week.

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