Just a post here for posterity in case myself or someone else needs to fix this in the future. In many cases when I use drawCircle() in the Flash Player, it creates a somewhat distorted shape. One or more sides of the circle appear smashed or clipped. To fix this, you add the following code just before the drawCircle() call.

graphics.lineStyle( 1, 0, 0, true );

The following image is a before and after shot of using this code.