Is Adaptive Biotechnologies Corp. overvalued or undervalued?

As of 12 November 2019, the valuation grade for Adaptive Biotechnologies Corp. moved from does not qualify to risky, indicating a shift in perception regarding its financial health. The company appears overvalued given its negative performance metrics, with a Price to Book Value of 8.05, an EV to EBIT of -10.97, and an EV to EBITDA of -12.74. In comparison, peers such as ADMA Biologics, Inc. have a fair valuation with a P/E of 18.56 and an EV to EBITDA of 23.86, while Kymera Therapeutics, Inc. is also rated risky with an EV to EBITDA of -8.04.
Despite strong recent returns, including a 198.70% increase over the past year compared to the S&P 500's 17.14%, the underlying financial ratios suggest that Adaptive Biotechnologies Corp. is not positioned favorably in the market. The significant losses reflected in its ROCE of -95.89% and ROE of -70.23% further support the conclusion that the company is currently overvalued.