Is MeiraGTx Holdings Plc overvalued or undervalued?

As of 7 August 2019, the valuation grade for MeiraGTx Holdings Plc moved from does not qualify to risky, indicating increased concerns about its financial health. The company appears to be overvalued given its significant negative performance metrics, including a Price to Book Value of 14.57 and an EV to EBITDA of -3.36. Additionally, the company's ROCE and ROE are alarmingly low at -366.71% and -505.54%, respectively, which further supports the overvaluation thesis.
In comparison to its peers, MeiraGTx's EV to EBITDA ratio of -4.4399 is worse than Voyager Therapeutics, which stands at -0.2378, and MaxCyte at -0.5242. Furthermore, while MeiraGTx has shown a strong YTD return of 31.20% compared to the S&P 500's 12.22%, its long-term performance is concerning, with a 5-year return of -40.95% versus the S&P 500's 96.61%. This discrepancy highlights the risks associated with investing in MeiraGTx Holdings Plc.