Silence Therapeutics (SLN) Stock Forecast & Price Target

Silence Therapeutics is supported by compelling validation of its mRNAi GOLD platform, as Merck’s acquisition of a Silence partnered asset signals external confidence and could accelerate divesiran’s path in polycythemia vera. Its lead candidate, divesiran (SLN124), has shown strong Phase 1 and Phase 2 signals, including an 87.5% response rate versus 18.8% on placebo in SANRECO, durable hematocrit control, and a median 287 days to first phlebotomy, while convenient Q6W/Q12W dosing could differentiate it from weekly competitors. With a market cap of about $300M versus an estimated ~$770M US peak revenue opportunity and a high probability of success, the stock appears undervalued relative to the de-risked clinical and commercial profile.

Silence Therapeutics is challenged by a materially weaker pipeline outlook after zerlasiran was removed from valuation, as the Lp(a)HORIZON miss raised the risk that Lp(a) lowering may not translate into incremental cardiovascular benefit once LDL-C and blood pressure are controlled. The company also faces significant execution and financing pressure: management chose not to advance zerlasiran into a CVOT without a partner, annual capital raises of $200M from 2028E to 2031E are modeled, and its firm value was reduced to approximately $1.2 billion from $4.5 billion. In addition, divisediran and the broader RNAi platform remain exposed to clinical, competitive, commercialization, and reimbursement risk, while the Merck KGaA acquisition caps upside with an all-cash $20 per ADS offer and expected closing in 1Q27.