Well, it's magic. So why not?
It becomes interesting when you add some physics - which is totally not a good idea when it comes to magic, but I'll do it anyway.
Using it at max range moves the weapon 1000 ft in 2 seconds. That's almost half the speed of sound. You'd think the speed alone would grant like +40 damage. But no, universalist wizards can't have nice things. ;)
This speed is apparently only slightly above a good crossbow bolt which shoots at 300-450 feet per second according to Google.
It's not the stride action, or the strike action, so no.