Is Zomedica Corp. overvalued or undervalued?

As of 1 March 2022, Zomedica Corp. has moved from a "does not qualify" rating to "risky." The company appears to be overvalued given its current metrics. Key valuation ratios include a Price to Book Value of 0.33, an EV to EBIT of 0.58, and an EV to EBITDA of 0.77, all indicating a lack of profitability and financial stability.
In comparison to its peers, Zomedica's P/E ratio is -2.71, while Fusion Pharmaceuticals, Inc. has a P/E of -17.58, and Gossamer Bio, Inc. has a P/E of -4.38, suggesting that Zomedica is not the worst performer in its group but still reflects significant risk. The recent stock performance comparison with the S&P 500 is not available, yet the overall valuation metrics reinforce the notion of Zomedica being overvalued in its current state.