Moderna's stock price falls after FDA rejects review of its flu vaccine.

Moderna's stock price fell after the US Food and Drug Administration refused to accept its application for approval of a new flu vaccine. Following the announcement, the stock dropped 7% to $39.00 in after-hours trading. As of the close, the stock had risen 32% over the past 12 months. Earlier this month, the FDA issued a letter of refusal to the biopharmaceutical giant, stating that it would not review its application to sell the vaccine. The regulatory agency noted that Moderna's research on the vaccine was inadequate because it failed to compare its experimental vaccine to the best existing vaccines on the market. Moderna stated that it would request a meeting with the FDA to discuss the matter. The FDA did not express concerns about the safety or effectiveness of the vaccine.