Benzinga | Sep 30, 2021 09:48AM EDT

Why Virgin Galactic's Stock Is Trading Higher Today

Virgin Galactic Holdings Inc (NYSE:SPCE) is trading higher Thursday after the company announced it was cleared to fly following the conclusion of the FAA inquiry.

The FAA previously grounded all Virgin Galactic flights, pending the results of an investigation into the company's course deviation during the Unity 22 flight.

Virgin Galactic said the FAA told the company the corrective actions proposed by Virgin Galactic were accepted, which concluded the FAA inquiry.

The corrective actions include updated calculations to expand the protected airspace for future flights and an addition to Virgin Galactic's flight procedures that will help to ensure real-time mission notifications are sent to Air Traffic Control.

"Our test flight program is specifically designed to continually improve our processes and procedures. The updates to our airspace and real-time mission notification protocols will strengthen our preparations as we move closer to the commercial launch of our spaceflight experience," said Michael Colglazier, CEO of Virgin Galactic.

SPCE Price Action: Virgin Galactic has traded as high as $62.80 and as low as $14.27 over a 52-week period.

The stock was up 7.45% at $24.24 at time of publication.