Piper Sandler analyst Edward Tenthoff raised the firm's price target on Moderna (MRNA) to $134 from $100 and keeps an Overweight rating on the shares. The stock in premarket trading is up 16%, or $11.98, to $87.02. Moderna published new interim Phase I data for mRNA-1273 in healthy subjects in the New England Journal of Medicine, and analysis through day 57, two weeks after the second vaccination, showed "consistent safety and immunogenicity," Tenthoff tells investors in a research note. The analyst believes these data demonstrate "clean safety and robust immunogenicity" of the 100 microgram mRNA-1273 dose, supporting the planned Phase III start on July 27. Based on an assumed price of $75, the analyst thinks Moderna could see $18B in mRNA-1273 revenues for COVID-19.