Is Kineta, Inc. overvalued or undervalued?

As of 8 August 2024, Kineta, Inc. has moved from a valuation grade of risky to does not qualify, indicating a significant deterioration in its financial standing. The company is currently assessed as overvalued given its negative ratios, including a Price to Book Value of -0.23 and an EV to EBIT of -0.50. Furthermore, the company's return on equity (ROE) is negative, reflecting ongoing financial challenges.
In comparison to its peers, Kineta's valuation metrics are notably poor. For instance, Rezolute, Inc. has a P/E ratio of -4.90, while SELLAS Life Sciences Group, Inc. shows a P/E of -5.74, both indicating similar struggles within the sector. The recent performance of Kineta's stock has also lagged significantly behind the S&P 500, with a year-to-date decline of 27.18% compared to a 2.44% gain for the index. Overall, these factors suggest that Kineta, Inc. is overvalued in its current state.