Firefly Aerospace stock rose 6.4% in morning trading Wednesday after the company said it completed a preliminary design review for its Elytra spacecraft, which will transport drones to the Moon's south pole for NASA's MoonFall mission.

The Cedar Park, Texas-based space and defense company finished the review in less than four months from the contract award date. The review examined structural, thermal, propulsion, avionics, trajectory, guidance, navigation, communications, and control systems. The program will now move to final design and hardware production.

Ray Allensworth, Firefly's Vice President of Spacecraft, stated: "Completing PDR less than four months after contract award is a testament to the speed and rigor Firefly brings to every mission."

The Elytra spacecraft will deliver drones built by NASA's Jet Propulsion Laboratory to the lunar south pole. The stock reached a 52-week low of $15.99 last Thursday. Analysts maintain a Buy rating on the stock with a 12-month price target above current levels.