UltraGreen.ai’s brief 18.1% rebound reverses after week of heavy losses
The counter is in the red after a brief climb to S$0.75
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[SINGAPORE] Shares of UltraGreen.ai rose as much as 18.1 per cent on Monday (Aug 24), rebounding from a devastating week that saw it lose nearly half its market capitalisation.
The counter rose as much as US$0.115 to US$0.75 in the first few minutes of trading, with about 2.9 million shares changing hands, but was down 0.8 per cent down at S$0.63 by midday.
UltraGreen.ai slumped 49.6 per cent across last week, ending at S$0.635 on Aug 21. This followed the reveal that two companies may soon begin competing with it in the supply of indocyanine green dye in the US.
About 44.8 per cent of the decline came in the two days following The Business Times’ Aug 19 story about the new competitors.
The company responded the following day, stating that the regulatory approvals obtained by Zydus Lifesciences and Provepharm were publicly available information. It added that regulatory approval by the US Food and Drug Administration “does not, in itself, translate into commercial launch, market adoption or market penetration”.
“There has been no material change to the company’s business or outlook arising from these developments that would require a revision to the FY2026 guidance announced with the company’s H1 results,” said CEO Ravinder Sajwan.
The company added that it still expects FY2026 revenue to come in between US$175 million and US$185 million, with revenue in the second half forecast to exceed that in the first half.
On Aug 21, DBS offered a range of estimates for the company’s 2027 earnings, based on different assumptions for its indocyanine green sales volume and average selling price. It accordingly cut its recommendation on UltraGreen.ai’s shares to “hold” and more than halved its price target to US$0.80.
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