Moderna, Inc. (MRNA) shares plummeted 5.24% in the pre-market session on Wednesday, following reports that the Trump administration is considering withdrawing funding for the company's $590 million bird flu vaccine contract.

The contract, awarded by the Biden administration in its final days, aimed to advance the development of Moderna's bird flu vaccine. However, the new Trump administration is reevaluating the deal as part of a broader push to scrutinize spending on messenger RNA (mRNA) vaccines.

The potential loss of this significant funding could deal a blow to Moderna's future revenue and growth prospects. Analysts have raised concerns about the new administration's stance on mRNA vaccines, with reports of funding freezes on public health research and job cuts at the Centers for Disease Control and Prevention (CDC).