Is Akoya Biosciences, Inc. overvalued or undervalued?

As of 8 November 2021, the valuation grade for Akoya Biosciences, Inc. has moved from does not qualify to risky, indicating heightened concerns regarding its financial health. The company appears to be overvalued given its negative valuation ratios, including a Price to Book Value of -9.82 and an EV to EBITDA of -3.70. Additionally, the Return on Capital Employed (ROCE) stands at a troubling -80.86%, reflecting significant inefficiencies in generating returns from its capital.
In comparison to its peers, Akoya's valuation ratios are less favorable; for instance, MeiraGTx Holdings Plc has an EV to EBITDA of -4.4399, while Monte Rosa Therapeutics, Inc. boasts a much more attractive P/E ratio of 12.2660. The stock has underperformed against the S&P 500, with a year-to-date return of -43.67% compared to the index's 12.22%, reinforcing the notion of its overvaluation in the current market context.