Is Cytokinetics, Inc. overvalued or undervalued?

As of 2 August 2017, the valuation grade for Cytokinetics, Inc. moved from fair to risky, indicating a shift towards a more negative outlook. The company appears to be overvalued given its significant negative valuation metrics, including a Price to Book Value of -14.48, an EV to EBIT of -6.36, and an EV to EBITDA of -6.47. These ratios suggest that the company's financial performance is not only lacking but also worse than its peers.
In comparison to its industry, Cytokinetics is underperforming relative to companies like ACADIA Pharmaceuticals, which has a P/E ratio of 19.28 and an EV to EBITDA of 33.99, indicating a more favorable valuation. Additionally, Corcept Therapeutics is considered very expensive with a P/E of 60.03, further highlighting Cytokinetics' struggles. Recent stock performance shows that while Cytokinetics had a 5-year return of 126.05%, it has significantly underperformed against the S&P 500 over the same period, which returned 231.64%. This trend reinforces the notion that Cytokinetics is currently overvalued.