Is bioAffinity Technologies, Inc. overvalued or undervalued?

As of 9 February 2024, bioAffinity Technologies, Inc. has moved from a valuation grade of "does not qualify" to "risky." The company is currently considered overvalued given its financial metrics and performance indicators. The P/E ratio is not applicable as the company is loss-making, while the Price to Book Value stands at 5.62, and both the EV to EBIT and EV to EBITDA ratios are negative at -0.86 and -0.92, respectively. Additionally, the ROCE and ROE are significantly negative at -573.01% and -676.56%, indicating severe operational inefficiencies.
In comparison to its peers, bioAffinity Technologies is underperforming. Nutriband, Inc. also carries a risky valuation with a P/E of -14.38, while Nephros, Inc. is rated attractive with a P/E of 40.07. The stark contrast in performance and valuation metrics suggests that bioAffinity Technologies is not only struggling but also overvalued relative to its peers. The company's stock has significantly underperformed against the S&P 500, with a year-to-date decline of 74.7% compared to a modest gain of 2.44% for the index, reinforcing the notion of overvaluation.