Silence Therapeutics (SLN) Stock Forecast & Price Target

Silence Therapeutics is attractive because divesiran has a strong biologic rationale in PV through TMPRSS6 inhibition, and the hepcidin pathway has already been clinically de-risked by rusfertide’s 77% response rate in VERIFY. The company’s Phase 1 data were encouraging, with 100% of well-controlled HCT patients remaining phlebotomy-free, a median 287 days to first phlebotomy in follow-up data, and supportive safety and symptom signals that strengthen confidence ahead of the Phase 2 readout. Valuation also looks compelling, as the stock is cited at about a $300M market cap versus a rusfertide benchmark of roughly $1B-$2.3B NPV, while analysts forecast about $770M of U.S. unadjusted peak PV revenue and substantial upside if Q6W or Q12W dosing succeeds.

Silence Therapeutics is facing a weakened fundamental outlook because the proposed Merck KGaA acquisition caps upside and shifts the story from standalone growth to a deal-driven valuation, with closing expected in 1Q27 and an equity value of about $1.3 billion. The bearish view is reinforced by the decision not to advance zerlasiran into a CVOT without a partner, effectively removing a major value driver and highlighting the broader uncertainty around the Lp(a)-lowering class after the Lp(a)HORIZON miss. At the same time, the company remains an early-stage biotech with ongoing capital needs, possible annual raises of $200M-$350M or $200M from 2028E to 2031E, and meaningful clinical, competitive, and dilution risk across divesiran and other programs.