First Berlin reiterates Buy on CEL-SCI, cuts price target to USD 15
CVM•Partnership terms and study update
Terms include Amarox leading SFDA regulatory work, a 50/50 net revenue split, and CEL-SCI retaining IP and global rights.
The analyst highlighted a 212-patient FDA confirmatory registration study, with enrollment expected to start soon in a defined head and neck cancer subgroup.
First Berlin also cited May and June financings totaling about USD 9.7 million, noting that most funding for the study still needs to be raised.
First Berlin cuts target but keeps Buy rating
First Berlin reiterated a Buy on CEL-SCI, but cut its 12-month target price to USD 15 from USD 60.
The report flagged a May 11 partnership with Saudi drugmaker Amarox to pursue Multikine registration and commercialization in Saudi Arabia, with optional GCC expansion.
