Firefly Aerospace Inc. (FLY) shares plummeted 6.37% during intraday trading on Thursday, extending a recent pullback as investors continued to take profits following a significant rally.

The decline represents a continuation of selling pressure after the stock's sharp advance, which was initially driven by the company's better-than-expected first-quarter earnings report and its recent selection for a U.S. Space Force contract. The contract, valued at up to $3.2 billion and shared among 12 aerospace companies, had fueled significant investor optimism.

Analyst sentiment had turned positive on the stock following these developments, with B. Riley initiating coverage with a Buy rating and a $60 price target and Morgan Stanley raising its price target to $37. However, the initial euphoria has faded, leading to near-term selling pressure as traders lock in gains from the previous rally.