Ironing Out PV: We Have High Conviction on a Positive PV Readout; Initiating at OW

研报英文原文证据摘录

Ironing Out PV: We Have High Conviction on a Positive PV Readout; Initiating at OW

Biotechnology

Silence Therapeutics Plc (SLN)

EQUITY RESEARCH Initiating Coverage

June 24, 2026

Ironing Out PV: We Have High Conviction on a Positive Price: $7.27

PV Readout; Initiating at OW Rating: Overweight

Key Statistics: We are initiating coverage of Silence Therapeutics ("SLN") with an

Symbol NASDAQ: SLN Overweight (OW) rating.

52-Week Range 4.19 - 8.40

Market Cap 343.4 SLN is a clinical-stage biotech focused on developing siRNA drugs for

ADV (3 mo) 317,112 hematologic, cardiometabolic, and rare diseases.

Shares Out (M) 47.2

The key driver of our SLN thesis is divesiran (TMPRSS6 siRNA), which is

Research Analysts: currently in a Phase 2 trial for polycythemia vera (PV) with topline data

Prakhar Agrawal anticipated in Aug 26.

212-610-3614

Prakhar.Agrawal@cantor.com Our SLN thesis:

REV ($M) ●We are positive on the upcoming P2 PV trial and expect divesiran to

FYE Dec 2025A 2026E 2027E show rusfertide (TAK/PTGX) -like efficacy while offering a meaningful

1Q $0.1 $0.4A $0.0 dosing convenience advantage (every 6-weeks or every 12 weeks),

2Q $0.2 $0.0E $0.0 compared with rusfertide's weekly dosing regimen

3Q $0.2 $0.0E $0.0

4Q $0.0 $0.0E $0.0 ○Our KOL checks suggest that, assuming comparable efficacy

Year $0.6 $0.4E $0.0 and safety to rusfertide, even an every 6-week dosing schedule

EPS could support meaningful uptake of divesiran in PV.

FYE Dec 2025A 2026E 2027E ●At a market cap of just $300M, we believe SLN is materially 1Q $(0.20) $(0.11)A $(0.16)

2Q $(0.19) $(0.12)E $(0.19) undervalued, given our high 75% PoS for the P2 PV trial (<25% priced

3Q $(0.15) $(0.12)E $(0.22) in the stock, by our estimate) supported by divesiran's strong P1 data