President Donald Trump's discredited claims tying acetaminophen to autism, advising pregnant women to avoid Tylenol because of it, sparked outrage and, on Tuesday morning, a big rebound for the pain reliever's maker, Kenvue, in pre-market trading, according to WFTV.
Immediately following Trump's remarks in which he struggled to pronounce acetaminophen, the main ingredient in Tylenol, telling pregnant women to "tough it out" and avoid the pain reliever that has been deemed safe by all major medical organizations, shares of Kenvue, Inc., based in Summit, New Jersey, dropped 7.5%.
The morning after, shares regained most of those losses early Tuesday in premarket trading, climbing 5% in premarket trading.
Kenvue, a spinoff of Johnson & Johnson, disputed any link between the drug and autism "this week and warned that if pregnant mothers don’t use Tylenol when in need, they could face a dangerous choice between suffering fevers or using riskier alternatives," according to WFTV.
Citi Investment Research analyst Filippo Falorni says that despite a possible risk "to Tylenol consumption given the negative headlines," he anticpated a "positive reaction for Kenvue’s stock at the opening bell on Tuesday given the lack of new scientific evidence."