CEL-SCI Shares Face Critical Technical Test Amid Pivotal Trial Preparations

CEL-SCI Corporation’s stock is navigating a period of heightened volatility, having retreated from a recent peak. Market participants are closely monitoring whether key support levels will hold following a 1-for-30 reverse stock split executed in May 2025. The investment thesis continues to hinge on the company's latest financial results and the imminent launch of a crucial clinical study for its lead candidate.

The company’s recent valuation movements follow the release of its fiscal year 2025 results, for the period ending September 30. CEL-SCI reported a net loss of $25.41 million. This figure represents an improvement from the prior year's loss of $27.58 million.

A strategic tightening of operations is evident in the financial details. Research and development expenses decreased by 13% to $15.9 million. Conversely, general and administrative costs rose by 9%, reaching $8.9 million. This managed approach to cash utilization comes ahead of the company's next major clinical phase, indicating a focused preparation for significant upcoming expenditures.

Upcoming Clinical Catalyst in Focus

A primary driver for investor attention is the planned confirmatory study for the immunotherapy Multikine. The U.S. Food and Drug Administration (FDA) has granted the necessary clearance for this 212-patient pivotal trial. The study will target newly diagnosed head and neck cancer patients with low PD-L1 expression. Patient recruitment is scheduled to commence in the spring of 2026.

CEL-SCI's strategy involves utilizing pre-surgical tumor response data to support an application for early U.S. approval by 2028. This pathway is bolstered by independent third-party clinical data suggesting that dynamic tumor responses serve as a strong predictor for long-term survival outcomes.

Should investors sell immediately? Or is it worth buying CEL-SCI?

Trading Dynamics Reflect Market Uncertainty

During Wednesday's session, the equity experienced significant intraday price swings. Official Nasdaq data confirmed a daily low of $5.86 before shares recovered to close at $6.10. This action provided a provisional defense of important technical support zones. The moderately elevated trading volume signals active exchange among market participants.

A decisive breach below the $5.86 level could potentially trigger further technically-driven selling pressure. This threshold is being watched after the stock reached a near-term high of $6.24 on January 6.

Technical Indicators Paint a Mixed Picture

The current technical landscape suggests a cautious near-term outlook. The stock's "Fear & Greed Index" reading of 39 reflects a market sentiment leaning toward "Fear." While short-term moving averages are generating a buy signal, the long-term average continues to indicate a sell—a notable technical divergence.

Maintaining the $5.86 support level is critical to avoid a retest of the zone around $5.44. The split-adjusted 52-week low of $1.98 remains the definitive long-term floor. The 14-day Average True Range (ATR) points to a potential trading band of +/- 9.70%, indicating expectations for continued high intraday volatility as the market awaits the start of patient recruitment for the key clinical trial.