Dow Jones 11282.64 -53.68 9:20 am PST, April 25, 2006 NASDAQ 2324.08 -9.30 For info, visit access.smallcapnetwork.com S & P 500 1300.93 -7.18 Change your subscription status here Russell 2000 761.50 -4.64 VOLUME 06: ISSUE 32 CEL-SCI's Target Price Raised. As we noted on the SCBLOG Monday afternoon, Midas Research of Germany released a comprehensive 16-page follow-up report on biotech CEL-SCI (AMEX: CVM). As a result of recent corporate news and developments, Midas has raised its 12-month target for CVM shares to $3.71 versus $2.80 as noted in its previous reports. While we think that target may be somewhat conservative--as does Midas' analyst--the detailed report is both cogent and extensive. CVM shares opened at $1.25, Tuesday.  Here's the link to the Midas report. Investors -- both new and established -- really need to take a few minutes to carefully read and review the research. A German version was also released in Europe. We reiterate our suggestion that the shares of CVM should be accumulated for superior gains over the next 6-12 months. The profile of the shares as well as trading volumes continue to swell as more investors jockey to establish exposure to this unique story. One interesting factor to note is that the author of the report , analyst Matthias Redenbach, is both a scientist and an economist; making his perspective on the science of CVM's flagship therapies, Multikine and CEL-1000 quite unique. It's truly fascinating information and written with the layperson in mind. There is a discussion of CVM's potential bird flu efficacy: The current situation with the bird flu documents the potential risk stemming from rapidly mutating viral pathogens. This potential threat will not diminish in importance in the future and the development of new technologies and products for the production of vaccines and targeted immune modulators are among the most important markets in the pharmaceutical sector. The CEL-SCI researchers under Dan Zimmermann have therefore set the goal of developing a new generation of vaccines against pathogens such as malaria, AIDS, herpes and others. Redenbach's target price is formulated as a result of constructing a series of 'success' probability scenarios for CVM's various present and future initiatives. Coupled with the use of discounted cash flow models, a conservative 12 month target price of $3.71 is derived. Not much has changed, tech-wise from our comments on the SCBLOG on April 21. The shares continue to hover around the 3/8 retracement level of the recent large move and should momentum continue to grow from here, these levels look to be a decent entry point. CVM's trading is known for volatility and we see no reason for that to change anytime soon. Best strategy remains to keep a core position and trade the swings. Has worked out pretty well so far, or at least since we alerted the readership at 52 cents on February 10th. As well, the Company filed its 2005 10k Tuesday morning--therefore extinguishing any regulatory concerns--which as you will recall, was quite late due to a change in accountants and focused compliance with new accounting procedures. The quarterly report should follow soon. Not much more to report. The report is excellent on two fronts: a complete primer on the history and progress of the Company as well as a realistic and conservative construction of the compelling future potential. It seems the major risk for investors is not having a position in CEL-SCI.   We Value Your Feedback Got comments, questions or suggestions? Send 'em on over: Editor@smallcapnetwork.com If you wish to send a written request or inquiry, please send it to our physical address: TGR Group, LLC 4653 Carmel Mtn Rd Suite 308 #402 San Diego, CA 92130 NeWave Out-sources eCommerce firm NeWave continues its surge ahead as it announced, Tuesday, that due to the volume of visits to its sites, it has decided to partner with Phillipines-based call center PNI-KPMG Inc. This initiative will assist the Company in turning a goodly portion of 100's of thousands of leads generated monthly into customers. Previous technological initiatives with PNI are already converting an extra 100-plus visitors a day to customers and that number is expected to grow quickly. This extremely cost-effective relationship should vastly increase subscribers. There's a good chance y'all should own some shares at these levels for exposure to what is turning out to be a rapidly evolving and compelling growth story. 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To the degrees enumerated herein, this newsletter should not be regarded as an independent publication.  Visit Here to view our compensation on every company we have ever covered, or visit the following web address: http://access.smallcapnetwork.com/compensation_disclosure.html for our full compensation disclosure and http://access.smallcapnetwork.com/short_term_alerts.html for Trading Alerts compensation and disclosure.  TGR Group LLC has been paid a fee of $25,000 and 150,000 shares of newly issued restricted stock by Cel-Sci for coverage of the Company. Additionally, back in November of 2002, TGR Group LLC was paid a fee of $25,000 and 250,000 shares of newly issued restricted stock of Cel-Sci for coverage of the company until November of 2003. The aforementioned 250,000 restricted shares became free trading under SEC rule 144 and were sold in the open market prior to the company entering into a new contract agreement with TGR Group in February of 2006. 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