Is Elutia, Inc. overvalued or undervalued?

As of 1 March 2021, Elutia, Inc. has moved from a grade of does not qualify to risky, indicating an increased perception of potential investment risk. The company appears to be overvalued based on its negative valuation ratios, including a Price to Book Value of -2.14, an EV to EBIT of -4.17, and an EV to EBITDA of -4.91. These metrics suggest that the company is struggling financially, particularly in comparison to its peers, such as Catalyst Biosciences, Inc. with a P/E of 110.04 and Pluri, Inc. with a P/E of -1.72.
Elutia's recent stock performance has been significantly poor, with a year-to-date return of -71.12% compared to the S&P 500's gain of 12.22%. This stark contrast reinforces the notion that Elutia, Inc. is overvalued in its current state.