Share Name Share Symbol Market Type Share ISIN Share Description
Silence Therapeutics Plc LSE:SLN London Ordinary Share GB00B9GTXM62 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  -14.00 -3.22% 421.00 29,430 16:35:11
Bid Price Offer Price High Price Low Price Open Price
420.00 425.00 444.00 418.00 440.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 0.24 -22.87 -26.10 349
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:11 O 1 440.00 GBX

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Date Time Title Posts
17/11/202012:36Silence Therapeutics (the old SR Pharma)49,965
08/8/201905:43Lets Short This Duffer Out Of Business704
06/10/201608:04Gower Productions Presents ....."PREDICTA BID"52
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Silence Therapeutics (SLN) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2020-11-25 18:00:22440.0014.40O
2020-11-25 16:35:11421.001,8067,603.26UT
2020-11-25 16:29:58420.00625.20AT
2020-11-25 16:29:58420.00729.40AT
2020-11-25 16:29:58420.00729.40AT
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Silence Therapeutics Daily Update: Silence Therapeutics Plc is listed in the Pharmaceuticals & Biotechnology sector of the London Stock Exchange with ticker SLN. The last closing price for Silence Therapeutics was 435p.
Silence Therapeutics Plc has a 4 week average price of 330p and a 12 week average price of 330p.
The 1 year high share price is 610p while the 1 year low share price is currently 298p.
There are currently 82,996,259 shares in issue and the average daily traded volume is 16,775 shares. The market capitalisation of Silence Therapeutics Plc is £349,414,250.39.
1gw: The corollary, hopefully, is that as SLN matures its asset list by working the MNK, AZN and Takeda assets towards the clinic and its own SLN124 and SLN360 through the clinic, there should be increasing visibility of the pipeline and an increasing number of data reveals to come. Big ones are likely to be the initial safety and knockdown data on SLN124 as those readouts will provide clinical validation (or otherwise) of the platform - and then of course SLN360 readouts because of that asset's potential to be a blockbuster.
1gw: I can't speak for anyone else, but I own as many shares as I've ever owned. I first bought in in May 2016 (at 130p) and at the end of each calendar year I have owned more shares than at the end of the previous year each time with the exception of end-19 when I had reduced a bit as a result of profit-taking. Share prices have been: 130p May'16 100p End-2016 194p End-2017 52p End-2018 350p End-2019 400p Now So to date patience has paid off, even if anyone who managed to sell out at the peak would be happy right now. My frustration comes in part from thinking that the shareprice would have reacted better to the US listing, although if you look at say a 3-month chart of SLN vs ARWR and DRNA, SLN has done OK in relative terms. What has perhaps happened is that the US listing premium was reflected in SLN holding its price when the others were falling, and by the time we got to the actual listing that premium was pretty much fully built in. I've done very well (so far) on buying and selling ARWR, DRNA and ABUS and that also adds a bit to my current frustration with the SLN price. I also find the "artifical" prices frustrating. When the bid has popped up and I've tried to sell some, there seems to be no meaningful quantity available on my platforms at the apparent bid. And vv sometimes on the offer when I've tried to buy. It feels to me that there's not much depth to the bid or the offer and liquidity is perhaps worse now than before the US listing. Whether that means that something is brewing and some of the normal liquidity providers are now "inside" and so unable to trade, or whether it is just that attention is focused elsewhere in biotech (or other sectors) I have no idea. But the bull story hasn't changed for me, except perhaps that clinical risk is looming a bit larger. Now that we've had such a good year (deals, listing, first dosing, new CEO) we're perhaps in a bit of a lull ahead of the next deal (Takeda most likely?) and first clinical read-outs - and maybe that is making it easier for someone to mess around with the price, or perhaps some are taking profits. I have tried to sell some (without much success given the apparent poor liquidity) but overall I'm happy to keep a big position in the expectation that the price will recover in due course. As always, no advice intended. Please DYOR, this is early-stage biotech.
1gw: And there was short interest of 9.4m shares in ARWR as of 31st August. I guess some of the profit coming out of ARWR (and maybe out of ABUS yesterday) is going into DRNA as an intra-sector rotation. If SLN were better known in the US, and there was more liquidity in the Nasdaq listing, then maybe some would have rotated into SLN. Something for the SLN team to try to work on perhaps at the next two presentations and associated one-on-one meetings. It makes me think the shareprice reaction on SLN could be something to behold if SLN could confirm Phase 1 knockdown data on SLN360 that matched the NHP data without any safety issues (off-target or otherwise).
1gw: The whole point of the IPO was for the Registered Holders to start selling! The idea was to make the shares available to US investors (beyond the existing OTC listing) and hopefully that would allow the "fair" value of SLN to be recognised. "The Registered Holders are offering their securities in order to create a public trading market for our equity securities in the United States." The question is what price are they prepared to sell at, and what price are the investors prepared to buy at? We know that SLN has been talking to US investors for a couple of years now. 'Solomon has a US IPO in his sights as CEO of UK-based Silence...' 'Solomon...spends a week a month in the US building share-of-voice with future investors. "I'm telling the story over and over, so that when it's time for a transaction, we'll have that support base," he said.' hTtps:// Yesterday it appeared that US investors were not prepared to pay the price the Registered Holders wanted. (Reported) volume was pathetic for an IPO and SLN will have been disappointed not to get more volume after all the hoo-hah of ringing the opening bell (even virtually). But we don't know if that is just tactical (not wanting to appear too eager, hoping Registered Holders will reduce their price expectations) or reflects doubts about the value or reflects relative lack of awareness given everything else that is happening in biotech - especially development of Covid19 treatments and vaccines. Early days yet. First investor presentation tomorrow, interims on Monday and then more investor presentations after that. All to play for, and I understand the Registered Holders not wanting to cave and sell (much) at the current price if they believe that the company is fundamentally undervalued vs US peers.
1gw: I think that would be down to negotiating strategy. If it looks like you just want to sell out then you're not going to get as good a price as if you look like you're serious about making a go of it yourself (unless you can create a really good competitive bid situation). As I have speculated before I think an ultimate (largely paper) deal to sell to ARWR would have a certain neatness and symmetry about it, as well as a good value story. But I think they want to take the SLN story quite a bit further themselves before they bow out like that, if it is an option. They need to get quoted on Nasdaq to test the hypothesis that their share price is being held back (relative to ARWR and DRNA) by an unappreciative UK market and restrictions on some US investors holding a solely AIM (and pink [edit] sheet) listed biotech. They may also need to get listed there, or for it to be seen as a done deal, in order to land their preferred CEO, with or without associated biotech investors. And they have to get into the clinic I think. Much as some of the larger private holders might be nervous about taking the clinic risk, that has to be the key to unlocking a further significant piece of value in my opinion. Dose (human) patients without any serious adverse reactions and demonstrate, especially for the Lp(a) asset SLN360, that the pre-clinical results do read across to clinical trials. One thing Campion did touch on today was the possibility to short-circuit or postpone some of the cardiovascular large-scale trial process on the basis of good results elsewhere. I get the feeling that, despite having set out to have multiple shots on goal, SLN is becoming more and more a company with its future riding on a potential cardiovascular blockbuster. Which is not to minimise the potential of other assets, but SLN360 could be so big that SLN are I think probably focusing a lot of attention on optimising the value of that asset.
vonmoger: 1gw Possible MNK declares bankruptcy, given the US approach to these things it is probably a negotiating tactic - but bankruptcy seems likely given that wording. Intersting it says over next 12 months - from memory MNK kicked the can down the road with a debt restructure end of Q1 for this years balloon payments. So I'd guess there is another looming balloon payment in Q2 21 - I havent investigated their debt profile as personally i'm not that interested in predicting the timing or not of an MNK bankruptcy. The SLN guy on the proactive one2one basically said the IP is all SLNs and will just revert to SLN in the event of an MNK bankruptcy. SLN can take it forward if it wants after that. I think you commented on one of my posts that milestone payments not likely near term from MNK and if there is would be not enough to get excited about - personally I still hold some hope - but I defer to your forensic research. If MNK declared bankruptcy in Q3 20 and SLN sold off, would be an SLN buying opportunity imho. Would be similar to the gift opportunity,for those of us not already involved, that the ex CEOs resignation was. The company is a lot different now than even 9 months ago and the chairman reckons this year is more exciting than last. 2H is where all the action is going to be for reasons outlined plenty of times. fwiw I see the Edison guys have it down as valuation of 26m for 1 SLN500 asset with 5% probability for preclinical ready with a 2027 endpoint. So with 3 outstanding I would guess 78m. If MNK drops, my guess would be 2029 endpoint and an adjustment to a USD60m because of discounting for 2 more years - they still own the IP - so i'd guess its a 18m change to their edison valuation. Thats not counting on the increase that would acrrue from no partner on the other side. In any case it will be far outweighed on the Edison valuation by the USD167m increase when SLN360 goes from precinical to Phase 1 ready and the probability changes from 7.5% to approx 15%. It is almost 10X the difference by my reckoning in their model.
1gw: With ARWR back over $50/share and $5bn market cap, it has been a great RNAi hedge against SLN's lacklustre performance in recent months. Since the close on 24th March, the day before the Astrazeneca announcement, up to yesterday's close, relative share price performances (from Yahoo! Finance data) have been: SLN +11% (or +18% in $ terms) ARWR +79% DRNA +42% And if I take 25th March close, the end of the day in which the AZN deal was announced, SLN is actually down (in £ terms). Perhaps the SLN shareprice has been showing signs of a bit more strength very recently, but still looking rangebound. And clearly you can argue ARWR has largely been recovering from the huge sell-off between December and March. But it feels to me as though if SLN can manage the communication around the Nasdaq listing, [edit] SLN360 IND/CTA and SLN124 clinical start there is still huge potential for it to play catchup in shareprice terms. Not to mention the upside potential of other deal announcements and maybe even new CEO and/or "biotech investors". I would hope the August conference participation is aimed at exactly that - improving communications, especially with potential US investors ahead of the Nasdaq listing. No advice intended.
spectre10: Let's not forget the other positive news announced as well. SLN360 Preparations to submit to the FDA an investigational new drug (IND) package for the prioritised and wholly-owned asset, SLN360, are on schedule for later this year. SLN124 SLN124, in late stage pre-clinical development, has received Rare Paediatric Disease Designation (RPDD) for beta-thalassaemia and Orphan Drug Designation for myelodysplastic syndrome (MDS) from the FDA. Patient recruitment will recommence under two new protocols, SLN124-002 and SLN124-003, with clinical trial applications (CTAs) to be filed in H2 2020 for both protocols. Strengthened team Eric Floyd has been appointed as SVP, Head of Global Regulatory Affairs, Dr. John Whittaker has joined the Scientific Advisory Board. Strong cash position As of 29 May 2020, the Company had cash, cash equivalents and short-term deposits of GBP52.0 million, reflecting the proceeds from the issuance of ordinary shares to AstraZeneca in March 2020 and a $20 million upfront payment from AstraZeneca received in May 2020. The Company is unconditionally entitled to receive a further $40.0 million from AstraZeneca no later than the first half of 2021.
vonmoger: Aquilla, If he gets it listed with a share price over 4.40... he gets call it gbp220k (50k x4.40)*. The rest are quarterly and or in 3 years. Generous or not is in the eye of the beholder, personally I would of preferred more front loaded to the actual listing. The incentive is likely enough to get it done. I don't know what evidence others would require to see that this is happening rather than just an open ended intention.... I think DHS had a lot more options than this (from memory), so they have likely left some in the cupboard for the new CEO. I would guess the new CEO will get 1m+ options tied to share price performance and deals... * Personally I expect a higher share price... But for arguments sake.
aquilla: Iain's doing quite well out of these options. I'm not very keen on these generous option packages but at least most of the options bear some resemblance to the existing share price and the really generous ones with a strike price of 5p will give further incentive to a US listing and an share price not too out of line with the present share price "350,000 options will be granted with a strike price of GBP4.40 and will vest quarterly over three years. 150,000 options will be granted with a strike price of 5p, of which 100,000 will vest on the third anniversary of Iain's appointment to the board in April 2019, subject to Silence achieving a listing on a US stock exchange. The remaining 50,000 options at 5p will vest upon achievement of a listing on a US stock exchange and subsequent achievement of a share price of GBP4.40 over 30-days."
Silence Therapeutics share price data is direct from the London Stock Exchange
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