These Analysts Boost Their Forecasts On Silence Therapeutics After Full Year 2023 Results

Author: Avi Kapoor | March 14, 2024 02:01pm

Silence Therapeutics Plc (NASDAQ:SLN) reported a loss for 2023 on Wednesday.

The company reported a loss per share of (38.9) pence for 2023, narrower than the (41.9) pence loss per share a year ago, according to data from Benzinga Pro. Collaboration revenues were £25.4 million versus £17.501 million a year ago. Net loss was £(43.3) million for 2023, compared to a net loss of £(40.5) million in 2022.

“We ended December 2023 with approximately $68.8 million and significantly increased our cash position in early 2024 to over $200 million,” said Rhonda Hellums, Chief Financial Officer of Silence.

Silence also announced topline 36-week data from the ongoing ALPACAR-360 phase 2 study of zerlasiran in patients with a median baseline Lp(a) of approximately 215 nmol/L.

“We are excited to have multiple programs advancing in the clinic, supported by a substantial cash position that extends our estimated runway into 2026,” Hellums added.

Silence Therapeutics shares fell 3.9% to close at $24.62 on Wednesday.

These analysts made changes to their price targets on Silence Therapeutics after announcing quarterly results.

• Chardan Capital raised the price target on Silence Therapeutics from $26 to $42. Chardan Capital analyst Keay Nakae maintained a Buy rating.
• Morgan Stanley boosted the price target on Silence Therapeutics from $29 to $45. Morgan Stanley analyst Michael Ulz maintained an overweight rating.

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Posted In: SLN