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
  -2.00 -0.36% 560.00 60,225 16:35:21
Bid Price Offer Price High Price Low Price Open Price
544.00 552.00 566.00 532.00 566.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 0.24 -22.87 -26.10 465
Last Trade Time Trade Type Trade Size Trade Price Currency
17:28:35 O 58 559.966 GBX

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Date Time Title Posts
22/1/202116:40Silence Therapeutics (the old SR Pharma)50,064
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 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 562p.
Silence Therapeutics Plc has a 4 week average price of 455p and a 12 week average price of 330p.
The 1 year high share price is 605p while the 1 year low share price is currently 330p.
There are currently 82,996,259 shares in issue and the average daily traded volume is 110,715 shares. The market capitalisation of Silence Therapeutics Plc is £464,779,050.40.
1gw: Yes, there was some good stuff in there. I was focusing on the near-term catalysts and have mixed feelings about the clinical read-outs going back. On the plus side it delays the point at which the shareprice might react badly to disappointing read-outs, and so tends to reduce downside risk (although that of an unexpected SAE remains). However, since it seems relatively unlikely (to me) that the results will be disappointing it also puts back the point at which I might expect the shareprice to react well to good read-outs. The 70% was specifically a reference to some data from Alnylam which he said talked about a near 70% chance (for Alnylam) of getting from Phase 1 to Phase 3. I think he's referring to slide 21 of the linked presentation which actually shows a higher % chance of getting from P1 to P3 and overall a 62% chance of getting from P1 to the successful end of P3, compared to what Alnylam show as a 6% average chance for the industry. What's driving that huge difference is a relatively very high probability for Alnylam of getting from P1 to P2 and from P2 to P3 i.e. a high probability of success in the early phases. hTtps:// I also watched the DRNA presentation. Their pipeline is looking very good (numerous programs underway), as is ARWRs and again I think that is what Rothera has in mind when he's talking about the potential for SLN to ramp up its IND output. SLN clearly has the front-end (its own P1's, the 3 complement targets, the potentially 10 AZN targets and hopefully the Takeda target) - what it needs to show the market is that its platform is somewhere near as efficient as the ARWR and DRNA platforms in getting those early targets to P1 and then through subsequent phases. A huge amount to look forward to, but those early readouts on SLN124 showing that knockdown is as expected without undue AEs is really important I think to give the market the confidence that SLN's platform will perform through clinical phases.
vonmoger: I just watched that fireside chat 1g. To me, these delays, were telegraphed by them last quarter, or at least the possibility given the flu. Given the current round of lockdowns in the UK/Europe/US... it aint like anyone was not expecting a delay of some sort. Trial delays and or industry wide delays isn't SLN specific. What i see is an industry gaining value despite expected delays. Does anyone "today" seriously expect them to meet last quarters guided deadlines? I doubt it. In addition... Rothera to me, emphasized the optionality in the company share price of SLN360, talked about wholly owned versus competitors, mentioned Novartis trial results potentially derisking and the 70% probability of success of RNAi trials through the process, possibly best in class. Also he mentioned 2-3 INDs/ year from 2023. Other than Takeda, I would not be surprised to see other wholly owned targets announced this year, Astrazenaca deal publicly announcing targets, Novartis Phase 3 should add a bit of value through derisking + I am sure some others.
1gw: As far as I could see, the Nasdaq asking price (when adjusted for 3:1 and the xrate) had consistently been well above the UK price, presumably because of a lack of willing sellers at "market". Best evidenced by the director purchases disclosed earlier this month, where Mark Rothera had to pay about a 10% premium to get ADS's compared to the price Steve Romano paid for the SLNCF share listing, which was around the UK price. --------------------------------------------------- 1gw 3 Dec '20 - 10:05 - 49966 of 50011 Edit 0 0 0 Good to see Mark Rothera making his maiden purchase, and Steve Romano also buying some. I guess that means that we're not about to get an announcement of a licence deal with Takeda (or any other material announcement), though. Interesting that the CEO appears to have bought Nasdaq ADS's while Romano appears to have bought the SLNCF version. The CEO paid a price, literally, in having to pay between $17.98 and $18.99 for his ADS's ($5.99 to $6.33 a share, or around £4.48 to £4.74), while Romano picked his up between $5.50 and $5.595.
1gw: I've sold some in the 470's over the last few days, and may sell some more. I'm in year-end portfolio assessment mode and I have decided to bank some profit here on my 2nd-largest position after a spectacular year generally and a good one on SLN. If I look at all my buys and sells in SLN over the year, I've been relatively busy, putting through 116 transactions over 41 days. I've ended up losing a few % overall (average sell price / average buy price) due to being over optimistic about the near-term share price prospects after the Astrazeneca deal announcement and ahead of the Nasdaq listing. That loss is far outweighed (at this point) by the mark-to-market gain on my remaining position. Looking ahead to next year, I remain optimistic that it will be another good year, with particular hopes for a Takeda licensing deal early in the year and some good clinical read-outs from SLN124. The really big event for the year I think will come later with the first read-outs on SLN360. But this is biotech and as SLN is now a clinical biotech, there is the risk of major price downside should clinical readouts disappoint (e.g. SAE's, off-targeting, lower than expected knockdown), and that is a factor in my decision to take some profits here.
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: 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.
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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