Is Vaxart, Inc. overvalued or undervalued?

As of 3 August 2023, Vaxart, Inc. has moved from a grade of "does not qualify" to "risky," indicating a significant downgrade in its valuation outlook. The company is currently assessed as overvalued given its troubling financial metrics, including a Price to Book Value of 2.03, an EV to Sales ratio of 1.22, and a staggering ROCE of -535.64%. These ratios highlight the company's ongoing financial struggles and lack of profitability, which are critical factors in determining its valuation.
In comparison to its peers, Vaxart's EV to EBITDA stands at -1.09, while Trevi Therapeutics, Inc. has a much lower EV to EBITDA of -12.2926, further emphasizing Vaxart's relative overvaluation. Additionally, TScan Therapeutics, Inc., which is also categorized as risky, shows a more favorable EV to EBITDA of 0.9355. The company's recent stock performance has been poor, with a year-to-date return of -15.36%, significantly lagging behind the S&P 500's 2.44% return, reinforcing the view that Vaxart is currently overvalued.