Is electroCore, Inc. overvalued or undervalued?

As of 14 May 2019, the valuation grade for electroCore, Inc. moved from does not qualify to risky, indicating a heightened level of concern regarding its financial stability. The company is currently overvalued, particularly given its negative earnings metrics. The price-to-book value stands at 9.74, while the EV to EBITDA ratio is -3.20, and the ROE is a staggering -280.30%, reflecting significant losses.
In comparison to its peers, electroCore, Inc. shows a less favorable position. For instance, Delcath Systems, Inc. has a P/E ratio of -509.51 and Neuronetics, Inc. shows a P/E of -5.27, both indicating severe financial distress similar to electroCore. The company’s recent stock performance has been poor, with a year-to-date return of -68.35%, significantly underperforming the S&P 500's 2.44% return in the same period, reinforcing the notion that it is currently overvalued.