Silence Therapeutics: PV Data Could Wake The Stock (Initiating Buy)

I initiate Silence Therapeutics at a speculative Buy, driven by near-term divesiran/SLN124 catalysts in polycythemia vera (PV). SLN’s mRNAi GOLD GalNAc-siRNA platform enables infrequent dosing and strong target knockdown, potentially differentiating divesiran from weekly competitors like Rusfertide. Phase 1 SANRECO data show promising phlebotomy reduction and symptom improvement, but safety and efficacy require confirmation in the pivotal Phase 2 readout (August 2026). SLN faces high clinical, financial, and competitive risks, but discounted valuation and Lp(a) optionality create a compelling risk-reward ahead of the binary Phase 2 catalyst.

I initiate coverage of Silence Therapeutics ( SLN ) with a speculative BUY rating, my buy rating is driven by the exciting near term inflection from divesiran / SLN124 catalyst in polycythemia