Shares of Dulles, Virginia-based Orbital rose 45 cents, or 4 percent, to close at $11.78 in New York. They gained 59 cents, or 5.5 percent, yesterday. The two-day increase is the biggest since April 2009.
“The company could be experiencing a bit of afterglow from the recent success of SpaceX,” said Chris Quilty, an analyst with Raymond James & Associates Inc. in St. Petersburg, Florida. He has an outperform rating on the stock.
SpaceX, controlled by billionaire Elon Musk, on May 25 became the first company to dock a private supply ship at the International Space Station.
A successful launch and docking may help Orbital reverse a 40 percent slide in the past year, according to a Bloomberg story yesterday. Shares of Orbital on June 4 closed at $10.70, the lowest since July 19, 2005.
“It’s been quite surprising to me that they didn’t benefit from all of the positive press that SpaceX has received,” Quilty said in a phone interview. “Most investors seem to have missed the point that Orbital is the other company that has a contract to carry cargo.”
Orbital plans to test a rocket in August, followed by liftoff of a spacecraft to supply the station in October or December.
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