Kenvue’s Volume Plunges 28% to $350M, Ranking 322nd as OTC Strategy Gains Traction

On October 3, 2025, Kenvue (KVUE) closed with a 0.51% gain, while trading volume fell 28.03% to $350 million, ranking 322nd among active U.S. stocks. The decline in liquidity follows recent market dynamics that have shifted investor focus toward sector-specific opportunities, though no direct catalysts for the volume contraction were identified in contemporaneous reporting.

Market participants observed mixed signals in post-earnings follow-through, with analysts noting the company’s ongoing strategic pivot toward over-the-counter (OTC) healthcare innovation. While no immediate earnings or guidance updates were disclosed, the stock’s resilience amid broader sector volatility has drawn attention to its long-term product pipeline and market share expansion in key therapeutic categories.

To run this back-test accurately, I need to pin down a few practical details: Stock universe—do we rank all listed US stocks each day, or restrict ourselves to a benchmark universe such as the S&P 500, Russell 3000, etc.? Re-balancing mechanics—do we "buy" at that day’s close and exit at the close one trading day later (i.e., daily close-to-close), or at the next day’s open? Equal-weight each position, or volume-weighted / value-weighted? Frictions—should we include transaction costs or slippage? If so, what assumption (e.g., 2 bp per side)? Once these are set, I can pull the requisite data, construct the daily top-500 list, and run the back-test from 2022-01-03 through today.