Is OncoCyte Corp. overvalued or undervalued?

As of 24 March 2025, OncoCyte Corp. has moved from a grade of "does not qualify" to "risky." The company is currently considered overvalued given its financial metrics and peer comparisons. Notably, OncoCyte has a price-to-book value of 8.31, an EV to EBIT ratio of -2.37, and an ROE of -225.22%, indicating significant financial distress. In comparison to its peers, OncoCyte's valuation metrics are concerning; for instance, Pieris Pharmaceuticals, Inc. has a P/E ratio of -13.97 and an EV to EBITDA of -9.60, while Elevation Oncology, Inc. shows a P/E of -0.51 and an EV to EBITDA of 0.59. These comparisons highlight that OncoCyte's financial ratios are not only negative but also worse than those of its peers, reinforcing the notion that it is overvalued. Despite a recent strong performance relative to the S&P 500, with a year-to-date return of 53.78% compared to 2.44% for the index, the underlying financial metrics suggest caution.