Silence Therapeutics (SLN) Stock Price & How to Invest

Silence Therapeutics plc is a London-headquartered biotechnology company built around short interfering RNA, a class of drug that switches off the production of a specific disease-causing protein in the liver rather than blocking it after the fact. Its proprietary discovery platform, marketed as mRNAi GOLD, attaches a GalNAc sugar to the siRNA so the molecule is taken up by liver cells, which is the same delivery approach behind the approved RNAi drugs on the market today. Two candidates carry the story. Zerlasiran silences the LPA gene to lower lipoprotein(a), an inherited cardiovascular risk factor with no approved therapy, and produced reductions of more than 80 percent in its Phase 2 ALPACAR-360 trial. Divesiran targets TMPRSS6 to raise hepcidin and control red blood cell production in polycythemia vera, a chronic blood cancer whose patients are otherwise managed with repeated therapeutic phlebotomy. A third asset, SLN312, was returned to Silence in March 2026 after AstraZeneca elected not to advance it past Phase 1.

The investment picture is unusually binary, even by clinical-stage standards. Collaboration revenue has effectively evaporated, falling from roughly $42 million in 2024 to about $0.6 million on a trailing twelve-month basis, because the AstraZeneca and Hansoh partnerships are no longer throwing off meaningful recognized milestones. Management has responded by cutting spend hard: research and development ran about $9.1 million in the first quarter of 2026 against roughly $20.8 million a year earlier, and the company has said it will not start zerlasiran's Phase 3 cardiovascular outcomes trial on its own balance sheet, only once a partner is secured. That discipline stretches the runway (guided into 2028) but also parks the larger of the two assets until somebody else writes the check. Shares roughly doubled over the past year in anticipation of the Phase 2 SANRECO topline for divesiran, guided for the third quarter of 2026, which means a good deal of expectation is already in the price.

Silence generates essentially no product revenue, so the equity is a claim on clinical outcomes and financing terms rather than on earnings. A disappointing SANRECO readout would remove the near-term catalyst that drove the share price higher over the past year, and a partner for zerlasiran may not appear on acceptable economics or at all, which would leave the larger asset stranded. Cash of roughly $72 million funds operations into 2028 on the current reduced plan, but the company has acknowledged that later-stage trials require additional capital, and clinical-stage biotechs typically raise that capital by issuing stock, which dilutes existing holders. Competition is well funded on both fronts: several large pharmaceutical companies are running Phase 3 lipoprotein(a) programs, and polycythemia vera already has approved and late-stage alternatives. Because the ADSs represent three ordinary shares each, per-share figures quoted for the Nasdaq listing and the underlying UK share count are not directly comparable, which is a frequent source of confusion when reading coverage.

6 analysts publish price targets on SLN, averaging $29.17 against a $11.95 price as of August 2026, or +144.1%. The published targets run from $4.00 to $75.00, a wide spread, and the ratings split 6 buy, 0 hold, 1 sell. Over the last six months there have been 0 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full SLN forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Silence Therapeutics. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Divesiran and the SANRECO Phase 2 readout. Topline Phase 2 data for divesiran in polycythemia vera is guided for the third quarter of 2026, pulled forward by faster than expected enrollment. The most optimistic published target, $75.00, assumes this works close to its best case.

The case against. Silence generates essentially no product revenue, so the equity is a claim on clinical outcomes and financing terms rather than on earnings. The most pessimistic target, $4.00, is roughly what SLN is worth if this bites instead.

Read the full bull and bear case on SLN, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Silence Therapeutics's investor relations page or your broker.

• Market cap: ~$565M
• Revenue (TTM): ~$0.6M (collaboration revenue only, down from ~$42M in FY2024)
• Net loss (TTM): ~$60M
• Cash and short-term investments (June 30, 2026): ~$72M
• Company cash runway guidance: into 2028
• R&D expense (Q1 2026): ~$9.1M, versus ~$20.8M in Q1 2025

Conventional valuation multiples do not apply here: with trailing revenue under $1 million, a price-to-sales or price-to-earnings figure would be arithmetic noise. What the roughly $565 million market cap actually represents is about $72 million of cash plus a market-assigned value of roughly half a billion dollars for divesiran, zerlasiran and the platform behind them. Enterprise value therefore sits near $490 million, which is the number worth comparing against the probability-weighted commercial case for a polycythemia vera drug and a partnered lipoprotein(a) drug.

Other names that sit close to SLN: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get SLN exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so SLN sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where SLN fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

SLN is a partner-dependent, data-dependent siRNA story where the value sits almost entirely in divesiran's Phase 2 readout and whether a large partner picks up zerlasiran's Phase 3.

Whether SLN is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is SLN a buy or a sell?, and where the stock could go from here in the SLN stock forecast.

For income investors, whether SLN pays a dividend and how the payout looks is covered in does SLN pay a dividend? And to weigh SLN against a peer, read the full side-by-side comparisons: SLN vs ALNY and SLN vs ARWR.