10 Firms Drenched in Red Today

8. Moderna, Inc. (NASDAQ:MRNA)

Pharmaceutical giant Moderna dropped its share prices by 7.82 percent on Wednesday to close at $25.80 apiece as investor sentiment was weighed down by its withdrawal of approval application for its flu and COVID combination vaccine.

According to the company, the withdrawal was due to the anticipated delay in the approval of the shots until next year, amid the need for more data on the flu vaccine. The move followed the Food and Drug Administration’s (FDA) announcement that it would require new clinical trials for approval of annual COVID-19 boosters for healthy people under 65 years old.

In other news, Moderna, Inc. (NASDAQ:MRNA) narrowed its net loss in the first quarter of the year by 17.4 percent to $971 million from the $1.17 billion in the same period last year.

Revenues declined by 35 percent to $108 million from $167 million in the same period last year due to lower vaccination rates, coupled with the continued normalization of COVID into a seasonal commercial market.

For the rest of the year, Moderna, Inc. (NASDAQ:MRNA) said that it is targeting to book revenues between $1.5 billion and $2.5 billion.