CEL-SCI Corporation: Strategic Partnership with Amarox and Updated Price Target

First Berlin Equity Research GmbH has issued a research update on CEL-SCI Corporation, reiterating a BUY rating. Analyst Christian Orquera has adjusted the price target from USD 60 to USD 15. CEL-SCI is set for a significant clinical milestone in the second half of 2026.

The company formed a strategic partnership with Saudi Arabia-based Amarox to handle the registration and distribution of Multikine in the region. The agreement was formalized at the BIO International Convention in June 2026. Under this deal, Amarox will oversee regulatory communications and act as an exclusive distributor.

Additionally, CEL-SCI announced a 212-patient US FDA Confirmatory Registration Study launch, aiming to commence patient enrollment targeting specific head and neck cancer patients. The study reports a promising five-year survival rate for this group compared to standard care outcomes.

The company recently raised approximately USD 9.7 million to bolster its financial runway. However, further funds are needed to complete the study. Despite the reduced target price, the long-term outlook remains positive due to strategic partnerships and trial prospects.