Is Heron Therapeutics, Inc. overvalued or undervalued?

As of 23 February 2017, the valuation grade for Heron Therapeutics, Inc. moved from does not qualify to risky, indicating a deterioration in its financial standing. The company appears to be overvalued given its negative valuation ratios, including a Price to Book Value of -11.26, an EV to EBIT of -124.99, and an EV to EBITDA of -365.76.
In comparison to its peers, Heron Therapeutics has a significantly worse EV to EBITDA ratio of -199.28, while Black Diamond Therapeutics, Inc., which is rated attractive, has a positive EV to EBITDA of 6.85. Additionally, Harpoon Therapeutics, Inc. shows a less negative EV to EBITDA of -13.41, highlighting the challenges faced by Heron in its industry. The stock has underperformed relative to the S&P 500, with a YTD return of -15.69% compared to the index's 12.22%, reinforcing the notion of overvaluation.