Is Immatics NV overvalued or undervalued?

As of 13 May 2025, the valuation grade for Immatics NV has moved from expensive to risky, indicating a significant shift in its perceived value. The company is currently considered overvalued given its financial metrics and performance relative to peers. The P/E ratio is not applicable due to the company being loss-making, while the Price to Book Value stands at 1.25. Notably, the EV to EBITDA ratio is -2.77, reflecting negative earnings before interest, taxes, depreciation, and amortization.
In comparison to its peers, Immatics NV's valuation appears unfavorable. Protagonist Therapeutics, Inc. has a P/E ratio of 60.90, showcasing a stark contrast in market perception. Other risky peers like Deciphera Pharmaceuticals, Inc. and Geron Corp. have EV to EBITDA ratios of -9.72 and -5.79, respectively, which further highlights Immatics' challenging position. Additionally, the company's stock has underperformed significantly, with a year-to-date return of -23.77%, compared to a 2.44% gain in the S&P 500. Overall, Immatics NV is assessed as overvalued in the current market environment.