Is FibroGen, Inc. overvalued or undervalued?

As of 2 March 2020, the valuation grade for FibroGen, Inc. moved from fair to risky, indicating a deteriorating outlook. The company appears to be overvalued given its negative valuation ratios, including an EV to EBITDA of -3.19 and a Price to Book Value of -0.15. Additionally, its P/E ratio is not applicable due to the company being loss-making, further underscoring its financial challenges.
In comparison to peers, FibroGen's valuation ratios are significantly worse, with Chimerix, Inc. showing a P/E of -8.6897 and EV to EBITDA of -6.6011, while CytomX Therapeutics, Inc. stands out with a very attractive P/E of 7.4924. FibroGen's stock has underperformed against the S&P 500, with a year-to-date return of -14.03% compared to the index's 12.22%, reinforcing the notion that the company is currently overvalued.