Is IDEAYA Biosciences, Inc. overvalued or undervalued?

As of 12 November 2020, the valuation grade for IDEAYA Biosciences, Inc. moved from does not qualify to risky, indicating a more cautious outlook. The company appears to be overvalued based on its current metrics, particularly with a Price to Book Value of 1.86, an EV to EBITDA of -3.40, and a negative ROCE of -108.56%. In comparison to its peers, IDEAYA's EV to EBITDA ratio is significantly worse than Madrigal Pharmaceuticals, Inc. at -30.5845 and Ultragenyx Pharmaceutical, Inc. at -7.2361, both of which also fall under the risky category.
While IDEAYA has shown strong returns over the longer term, with a 134.95% return over three years, its recent performance has lagged behind the S&P 500, particularly with a -24.55% return over the past year compared to the index's 17.14%. This underperformance, combined with its high valuation ratios relative to peers, suggests that IDEAYA may not be a favorable investment at this time.