For many, Moderna (MRNA 3.35%) stock is yesterday's news. The stock earned a great deal of attention during the coronavirus pandemic, as it was one of the early developers of a vaccine to fight off the global health scourge. Since then, it's been a bit of an off-radar stock, largely because it hasn't yet commercialized any other medications.

The lack of attention at the moment presents a fine opportunity to grab a deep-bargain stock, in the opinion of one analyst tracking Moderna. Here's why he thinks the biotech is poised for a monster comeback.

Potential price appreciation of over 100%

Piper Sandler's Edward Tenthoff is resolutely and emphatically bullish on Moderna's future. At the end of March, he reiterated both his overweight (read: buy) recommendation on the stock and his target of $214 per share price appreciation over the next 12 months or so. Tenthoff's confidence is apparent, as that level is more than double Moderna's most recent closing price of around $106.

Moderna's coronavirus profit-generating heyday is behind it, although it still makes plenty of revenue selling Spikevax (the updated version of its COVID-19 vaccine). Yet the Piper Sandler pundit believes a new phase of the biotech company's life is about to kick off. He wrote in an analyst note that Moderna's mRNA-1345, a vaccine guarding against the widespread respiratory syncytial virus (RSV) is likely to win Food and Drug Administration (FDA) approval within several weeks.

Meanwhile, recent clinical trials indicate that investigational vaccines against viral threats such as Epstein-Barr (EBV) and norovirus are efficacious and safe. As such, they could be brisk sellers for the company.

Fresh technology, great potential

Moderna is most renowned for harnessing messenger ribonucleic acid (mRNA; not coincidentally the company's ticker symbol) in the service of developing medicines. This is relatively new and still edgy technology that promises medical progress on a host of afflictions. The idea that Moderna is only at the start of a long and lucrative journey is entirely plausible, as is a potential doubling -- and then some -- of its current share price.