Cantor Fitzgerald initiated coverage of Silence Therapeutics Plc (NASDAQ:SLN) with an Overweight rating, arguing that the biotech’s lead candidate divesiran could emerge as a major challenger in the polycythemia vera market, with upcoming Phase 2 data expected in August serving as a potentially transformative catalyst and supporting a valuation upside of more than 160%.
Ongoing Phase 2 Study Could Be Major Catalyst
PV is a rare, slow-growing blood cancer that causes the bone marrow to produce too many red blood cells.
SANRECO Phase 2 study evaluating divesiran 6 mg (Q6W and Q12W dosing intervals) in 48 phlebotomy-dependent PV patients is ongoing, with topline results on track for August 2026.
Cantor analyst Prakhar Agrawal wrote, “We are positive on the upcoming P2 PV trial and expect divesiran to show rusfertide-like efficacy while offering a meaningful dosing convenience advantage (every 6-weeks or every 12 weeks), compared with rusfertide’s weekly dosing regimen.”
Dosing Convenience Seen As Competitive Advantage
In 2025, Protagonist Therapeutics Inc. (NASDAQ:PTGX) and Takeda Pharmaceutical Co. Ltd (NYSE:TAK) released topline results for the Phase 3 VERIFY study of rusfertide for polycythemia vera.
The study met its primary endpoint and all four key secondary endpoints. Rusfertide is a first-in-class investigational hepcidin mimetic peptide therapeutic, which has received FDA Orphan Drug and Fast Track designations.
Cantor noted that KOL checks suggest that, assuming comparable efficacy and safety to rusfertide, even an every 6-week dosing schedule could support meaningful uptake of divesiran in PV.
At a market cap of just $300 million, analyst Agrawal sees Silence Therapeutics as materially undervalued and initiated with an Overweight rating.
The analyst sees a high 75% probabilty of success for the Phase 2 PV trial, supported by divesiran’s strong Phase 1 data in PV with 100% response rate in well-controlled PV patients, and the valuation benchmark set by rusfertide in PV following its positive Phase 2 results.
Cantor says the valuation range implies over 160% upside from current levels. Risk/reward is very attractive for Phase 2.
Silence Therapeutics Price Action
SLN Price Action: Silence Therapeutics shares were up 22.90% at $8.93 at the time of publication on Wednesday. The stock is trading at a new 52-week high, according to Benzinga Pro data.
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