Is Pyxis Oncology, Inc. overvalued or undervalued?

As of 14 August 2025, the valuation grade for Pyxis Oncology, Inc. has moved from does not qualify to risky, indicating a shift in perception regarding its financial health. The company appears to be overvalued based on its current metrics, particularly with a Price to Book Value of 0.81, an EV to EBIT of 0.25, and an EV to EBITDA of 0.26. In comparison to peers, Eton Pharmaceuticals, Inc. has a significantly higher EV to EBITDA of 187.8463, while Ocugen, Inc. shows an EV to EBITDA of -6.1838, highlighting Pyxis's relative valuation challenges.
Despite a strong recent performance with a 1-month return of 87.1% compared to the S&P 500's 2.33%, the long-term outlook remains concerning, as the 1-year return of -36.61% starkly contrasts with the S&P 500's 17.14%. This suggests that while short-term gains may attract attention, the overall valuation metrics indicate that Pyxis Oncology, Inc. is currently overvalued.