Is X4 Pharmaceuticals, Inc. overvalued or undervalued?

As of 8 August 2025, the valuation grade for X4 Pharmaceuticals, Inc. has moved from attractive to risky, indicating a significant deterioration in its financial outlook. The company appears to be overvalued, particularly given its troubling financial metrics, including a Price to Book Value of 1.08, an EV to Sales ratio of 0.47, and an alarming ROCE of -878.57%.
In comparison to its peers, X4 Pharmaceuticals shows a less favorable position, with Foghorn Therapeutics, Inc. having a more negative EV to EBITDA of -1.4807 and Invivyd, Inc. at -1.7450. The company's stock has underperformed significantly against the S&P 500, with a year-to-date return of -85.28% compared to the index's 12.22%, reinforcing the perception of overvaluation amidst its financial struggles.