Moderna Therapeutics watched its share price slip within hours of pulling off the biggest initial public offering in biotech history, a sign the company and its underwriters might have over-estimated demand for the richly valued company.

Moderna, headquartered in Cambridge, Mass., priced its offering at $23 per share Thursday but opened trading down about 4 percent Friday, leaving IPO buyers instantly underwater. By the time the markets closed, shared were down 19 percent.

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