Is Selecta Biosciences, Inc. overvalued or undervalued?

As of 4 May 2023, Selecta Biosciences, Inc. has moved from a fair to a risky valuation grade. The company appears to be overvalued based on its negative valuation ratios, including a Price to Book Value of -13.03, an EV to EBIT of -2.80, and an EV to EBITDA of -2.85. In comparison to peers, Selecta's P/E ratio stands at -6.4234, while Foghorn Therapeutics, Inc. has a P/E of -4.3113 and Invivyd, Inc. at -2.0534, indicating that Selecta is lagging behind its competitors in terms of valuation metrics.
The company's stock performance has been significantly underwhelming, with a year-to-date return of -42.43% compared to the S&P 500's positive return of 12.22% during the same period. This stark contrast reinforces the notion that Selecta Biosciences, Inc. is currently overvalued given its financial metrics and poor stock performance relative to the broader market.