Is Agenus, Inc. overvalued or undervalued?

As of 8 November 2022, the valuation grade for Agenus, Inc. has moved from fair to risky, indicating a shift towards a more negative outlook. The company appears to be overvalued, particularly given its troubling financial ratios, including a Price to Book Value of -0.48, an EV to EBIT of -4.84, and an EV to EBITDA of -5.54. These figures suggest significant financial distress compared to its peers, such as AnaptysBio, Inc. with an EV to EBITDA of -8.2275 and Entrada Therapeutics, Inc. at 1.6353, both of which are also classified as risky but show relatively better metrics.
In terms of stock performance, Agenus has underperformed against the S&P 500 across multiple time frames, with a staggering 3-year return of -90.09% compared to the S&P's 70.41%, and a 5-year return of -95.52% versus 96.61% for the index. This stark contrast reinforces the notion that Agenus is currently overvalued in the market.