Moderna's stock surged 7.74% during intraday trading on Tuesday, marking a significant upward movement for the biotechnology company.

The sharp increase appears to be driven by positive regulatory developments for the company's mRNA influenza vaccine candidate. Moderna recently received a unanimous 9-0 recommendation for approval from the FDA's Vaccines and Related Biological Products Advisory Committee for its mFlusiva vaccine targeting adults aged 50 and older.

If ultimately approved by the FDA, mFlusiva would become the first mRNA-based seasonal influenza vaccine available in the United States. The regulatory body's final decision is expected in early August, creating anticipation among investors about the potential market opportunity for Moderna's flu vaccine platform.