Shares of vaccine maker Moderna dropped more than 5% late Wednesday after reports that the Health and Human Services Department was re-evaluating its $590 million contract to develop a bird flu vaccine.

The review is part of a government push to examine spending on messenger RNA-based vaccines, the technology that powered Moderna's Covid vaccine, the report added. The U.S. government awarded Moderna $590 million in January to advance the development of its bird flu vaccine.

A meeting of experts at the Food and Drug Administration to discuss next season's flu vaccines has been unexpectedly canceled. Despite this, the Department of Health and Human Services says the shots will be ready.

A government advisory committee has canceled a meeting on flu shot recommendations, raising concerns amid shifts in leadership at Health and Human Services.

The meeting is the second federal vaccine panel meeting Trump administration officials have canceled or postponed since RFK Jr. took over HHS.