Is Forte Biosciences, Inc. overvalued or undervalued?

As of 12 November 2019, the valuation grade for Forte Biosciences, Inc. moved from risky to does not qualify, indicating a significant downgrade in its financial standing. The company is currently considered overvalued based on its financial ratios and peer comparisons. Key ratios include a Price to Book Value of 1.94, a negative ROE of -113.76%, and an EV to EBITDA ratio of -0.64, which reflects a lack of profitability.
In comparison to its peers, Forte Biosciences shows a stark contrast; for instance, Pieris Pharmaceuticals, Inc. has a P/E ratio of -13.97 and an EV to EBITDA of -9.60, while OncoCyte Corp. is rated risky with an EV to EBITDA of -2.86. The company's recent performance has also been poor, with a year-to-date return of -43.81%, significantly underperforming the S&P 500, which has returned 2.44% in the same period. Overall, the combination of negative financial metrics and poor peer performance suggests that Forte Biosciences is currently overvalued.