Moderna (NASDAQ: MRNA) had some good news to deliver Wednesday, but this was overshadowed by the latest developments with the coronavirus. As a result, the high-profile biotech's share price took it on the chin during the trading session, ultimately closing down by over 2%.

That good news was that the U.S. Food and Drug Administration (FDA) turned on yet another green light for Moderna. The regulator granted Emergency Use Authorization (EUA) for a bivalent version of the company's popular Spikevax coronavirus vaccine that targets not only its original iteration but also the omicron BA.4 and BA.5 variants. The FDA also authorized a similar shot developed by Pfizer and partner BioNTech.

But this occurred in an environment of decline. The rates of new cases, hospitalizations, and deaths in the U.S. have been falling consistently of late, and other jurisdictions are experiencing the same dynamic.

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Source Fool.com