First Berlin Equity Research GmbH has issued a research update on CEL-SCI Corporation, maintaining a "BUY" recommendation with a revised target price of USD 60. Analyst Christian Orquera highlighted CEL-SCI's approach to a pivotal commercial inflection point in 2025, particularly noting the filing for Breakthrough Medicine Designation with the Saudi Food & Drug Authority for its lead immunotherapy, Multikine, targeting head and neck cancer. The collaboration with Dallah Pharma, a major Saudi pharmaceutical company, is expected to enhance Multikine's market potential in Saudi Arabia. Despite the price target reduction from USD 186 due to a reverse stock split and projected dilution, CEL-SCI is seen as a substantially de-risked player in the immuno-oncology field with several value catalysts anticipated in the coming year.