Silence Therapeutics' (SLN) Phase 2 results for divesiran in polycythemia vera showed stronger activity than a competing treatment and a "more convenient dosing profile," supporting the drug's potential as a best-in-class therapy, Morgan Stanley said in a report Monday.

Divesiran produced a 69% placebo-adjusted response rate across pooled treatment arms, compared with 44% for Protagonist Therapeutics' (PTGX) rusfertide, while offering dosing every six or 12 weeks versus once weekly for the competing therapy, the report said.

The investment bank also highlighted a favorable safety profile, with 91% of patients in the divesiran arms avoiding phlebotomy during the study and 44 of 48 people who completed the study choosing to enter the open label extension, according to the report.

Silence plans to present detailed Phase 2 data at the American Society of Hematology meeting in December, meet with the US Food and Drug Administration by the end of 2026 and begin a Phase 3 study in the first half of 2027, the report said.

Morgan Stanley reiterated its overweight rating on Silence Therapeutics and raised its price target to $32 from $25.

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