Is AC Immune SA overvalued or undervalued?

As of 14 March 2024, the valuation grade for AC Immune SA has moved from does not qualify to risky. The company is currently overvalued, as indicated by its negative P/E ratio of -3.48 and an EV to EBITDA of -0.93. The Price to Book Value stands at 2.00, which is significantly higher than the industry average, suggesting that investors are paying a premium for the company's assets despite its ongoing losses.
In comparison to peers, AC Immune SA's valuation metrics are starkly unfavorable. For instance, Phibro Animal Health Corp. is rated very attractive with a P/E of 21.68 and an EV to EBITDA of 10.06, highlighting a stark contrast in performance and valuation. Additionally, Vanda Pharmaceuticals, Inc. is also rated risky but has a less severe P/E ratio of -5.98. The company's recent stock performance has been disappointing, with a year-to-date return of -32.22%, significantly underperforming the S&P 500's 2.44% return in the same period, reinforcing the notion that AC Immune SA is overvalued in its current state.