Is Liquidia Corp. overvalued or undervalued?

As of 13 May 2021, the valuation grade for Liquidia Corp. has moved from does not qualify to risky, indicating increased concerns regarding its financial health. The company appears to be overvalued given its high Price to Book Value of 31.19 and negative EV to EBIT and EV to EBITDA ratios of -11.61 and -11.80, respectively. Additionally, its Return on Equity (ROE) is alarmingly low at -271.66%, further suggesting that the company is struggling to generate returns for shareholders.
In comparison to its peers, Liquidia Corp.'s P/E ratio of -16.20 is less favorable than Harrow, Inc. at -147.53 and Zymeworks, Inc. at -15.61, both of which also exhibit risky valuations. Notably, while Liquidia has shown impressive returns over longer periods, such as 311.85% over three years compared to the S&P 500's 70.41%, its recent performance has been disappointing, with a 1-week return of -8.63 versus the S&P 500's 1.05%. This divergence highlights the potential risks associated with the stock's current valuation.