Shares of Moderna, Inc. (MRNA) plummeted 12.47% in intraday trading on Tuesday, following news that the U.S. Food and Drug Administration (FDA) has named oncologist Vinay Prasad as its top vaccine official. Dr. Prasad, known for his critical stance on certain vaccine policies, has sparked concerns among investors about potential changes in vaccine regulation and approval processes.

The appointment of Dr. Prasad appears to have sent shockwaves through the vaccine industry, with other major players also experiencing significant drops. Pfizer fell 3.3% and Novavax declined 6.3% in sympathy with Moderna's steep decline. This market reaction underscores the sensitivity of vaccine stocks to regulatory developments and leadership changes within key health agencies.

Moderna's sharp decline continues a challenging year for the company. The stock is now down 41.37% year-to-date and has fallen a staggering 94.97% from its all-time closing high of $484.47 reached on August 9, 2021. At its current trading level, Moderna is on track to close at its lowest point since March 13, 2020, highlighting the dramatic reversal of fortune for the once high-flying COVID-19 vaccine maker.