Is Anika Therapeutics, Inc. overvalued or undervalued?

As of 5 May 2022, the valuation grade for Anika Therapeutics, Inc. has moved from attractive to risky, indicating a significant deterioration in its valuation outlook. The company appears to be overvalued given its current financial metrics, with a Price to Book Value of 1.10 and an EV to Sales ratio of 0.81, which are concerning in the context of its negative earnings and returns. Additionally, the EV to EBIT and EV to EBITDA ratios are both negative at -3.74 and -4.95, respectively, highlighting the company's struggles in generating profit.
In comparison to its peers, Anika Therapeutics has a less favorable valuation profile, with CareDx, Inc. rated very attractive with a P/E ratio of -27.91, while AngioDynamics, Inc. is also classified as risky with a P/E of -24.69. The company's recent stock performance has been poor, with a year-to-date return of -45.69%, significantly underperforming the S&P 500's positive return of 12.22% in the same period. This further reinforces the view that Anika Therapeutics is currently overvalued.