Is Ocugen, Inc. overvalued or undervalued?

As of 9 February 2024, the valuation grade for Ocugen, Inc. has moved from does not qualify to risky, indicating a heightened level of concern regarding its financial health. The company appears to be overvalued given its significant negative ratios, including a Price to Book Value of 19.46, an EV to EBIT of -5.26, and an ROCE of -875.01%. In comparison to peers, Esperion Therapeutics, Inc. has a P/E of -4.9940, while Protalix Biotherapeutics, Inc. is considered attractive with a P/E of 20.0760, highlighting Ocugen's relative underperformance.
Despite recent stock performance showing a 73.91% year-to-date return compared to the S&P 500's 12.22%, the underlying financial metrics suggest that Ocugen's valuation is not supported by its earnings or operational efficiency, reinforcing the conclusion that it is overvalued.