First Berlin Equity Research Reaffirms Buy Recommendation for CEL-SCI Corporation

First Berlin Equity Research has released an updated report on CEL-SCI Corporation. Analyst Christian Orquera reiterated his BUY rating, although the price target has been revised from USD 8.40 to USD 6.20. The recommendation follows CEL-SCI's positive outcome from the type B meeting with the US FDA for its key drug candidate, Multikine, targeting head and neck squamous cell carcinoma.

The FDA has accepted CEL-SCI's new selection criteria for patients and the proposed study design for a confirmatory study involving 212 patients. The company plans to incorporate the FDA's comments and submit the registration protocol this summer. Patient enrollment for the study could begin soon if funding is secured. Despite recent progress, CEL-SCI’s share price has dropped by over 50% in the past five months, affecting future financing and dilution rates.

First Berlin expects CEL-SCI to allocate clinical resources toward finalizing the protocol and launching the confirmatory study quickly. Market launch in Canada and the UK is now anticipated in 2026, a year later than previously expected. The price target adjustment reflects an updated valuation model, but the >380% potential upside supports maintaining the BUY recommendation.