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On Thursday, Jefferies analyst Kelly Shi adjusted the price target for Silence Therapeutics (NASDAQ:SLN), a biotechnology company focusing on RNA interference (RNAi) therapies for the treatment of serious diseases. The new price target is set at $30.00, a slight decrease from the previous $31.00, while the Buy rating on the company’s stock remains unchanged. Currently trading at $4.72, the stock has seen a significant decline of over 81% in the past year, though InvestingPro analysis suggests the stock may be undervalued at current levels.
Silence Therapeutics recently disclosed its fourth-quarter financials, which revealed a strategic decision to delay the phase 3 trial of their drug candidate zerlasiran without a partnership. This move is expected to extend the company’s cash runway into 2027, with $147.3 million in cash reserves projected at the end of 2024. InvestingPro data shows the company maintains a strong liquidity position with a current ratio of 9.31, though it’s currently burning through cash with negative free cash flow of $58.76 million.
The company’s attention in 2025 is set to shift towards its second asset, divesiran, which targets TMPRSS6 for the treatment of polycythemia vera (PV) and is aimed at advancing its pipeline for rare conditions. Additional follow-up data from the phase 1 study of divesiran is anticipated to be released in 2025.
Furthermore, Silence Therapeutics plans to initiate a phase 1 trial for a newly announced asset, SLN548, in the second half of 2025. SLN548 is an siRNA therapy targeting complement factor B, further expanding the company’s portfolio of RNAi therapies.
In other recent news, Silence Therapeutics reported a significant increase in revenue for the fiscal year 2024, reaching $43.3 million, up from $31.6 million in 2023. This growth was largely driven by strategic collaborations with AstraZeneca (NASDAQ:AZN) and Hanseo Pharma. Despite a net operating loss of $63.3 million, the company reduced its net loss to $45.3 million from $54.2 million the previous year, signaling improved operational efficiency. Silence Therapeutics has extended its cash reserves to last until 2027, providing a strong financial runway for future developments. The company is actively seeking a partner for its Phase 3 study of Zolaciran, with plans to complete enrollment for Divisiran Phase 2 by the end of the year. Additionally, the company announced the initiation of a Phase 1 study of SLN-548 in the latter half of 2024. In other developments, Silence Therapeutics ended its collaboration with Hanseo Pharma, retaining global rights to certain preclinical liver targets. The company also received positive feedback from regulatory agencies for its upcoming trials, reflecting confidence in its strategic direction.
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