Virgin Galactic Holdings Inc (NYSE:)’s shares are down 14% in early trading as the company postponed its timeline for commercial space travel, with shares hitting a $20.64 price

Company pulled a test flight out of Q4 2021, rescheduling it until the completion of a “planned enhancement program for VMS Eve and VSS Unity,” two of its vehicles. They also announced that their commercial service is “now expected to commence in Q4 2022,” from a previous target of commencing in 2022.

Michael Colglazier, Chief Executive Officer of Virgin Galactic, said: “The re-sequencing of our enhancement period and the Unity 23 flight underscores our safety-first procedures, provides the most efficient path to commercial service, and is the right approach for our business and our customers.”

Reacting to the news, Bank of America’s Ronald Epstein dropped his price target on the company to $20 from $25, maintaining an underperform rating, and said: “Commercial operations are still expected by the end of 2022, however, we are uncertain about the company’s ability to forecast such a future and unknown event after the recent failure to call the timing right on a relatively-known short-term event.”

Meanwhile, per StreetInsider, Truist analyst Michael Carmoli reiterated a buy rating and a $50 price target but acknowledged “a general lack of catalysts over the next 12 months could keep the stock range bound.”

In late 2019, Virgin Galactic was made public through a SPAC by Chamath Palihapitiya, a noted investor. The stock has traded on the excitement surrounding space travel and meme stock momentum. At today’s trading levels, the stock is down 13% for the year and 67% from 52-week highs.

Although the company has an enterprise value of $4.8B, it is still pre-revenue. $571K was revenue in the first six months, which reflects the optimism surrounding space travel as well as the high expectations.