Piper Sandler analyst Edward Tenthoff continues to view Moderna as the mRNA therapeutic leader with 24 pipeline candidates, 10 positive Phase I readouts, and $1.8B in pro forma cash. Infectious disease represents a low technical hurdle and results for cytomegalovirus vaccine mRNA-1647 increases confidence in the Phase II data expected in Q3 to setup a Phase III trial in 2021, Tenthoff tells investors in a research note. Further, Moderna's internal manufacturing facility enables "cost-effective, high-yield production," as evidenced by shipping a coronavirus vaccine in only 42 days, adds the analyst. He believes Moderna is developing five mRNA rare disease candidates with blockbuster potential. Tenthoff reiterates an Overweight rating on the shares with a $32 price target. The stock closed yesterday down 10%, or $3.00, to $26.16.