It isn't a screaming short. I would agree it is overvalued. They will want to raise more money later this year but there is no pressure to do so in the short term. At a market cap of ~325 million there is plenty of room for it to get bloated even further. One would almost have to assume there would be another raise in the next week or two to give some extra safety to a short.
I'd look for a cleaner factor than valuation for a short with this type of stock. There will be news coming on the 510(K) submission in the near term, and waiting to short the news seems like a better bet since it may run up more into the news and/or pop significantly on the news.
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