Incyte Corporation (NASDAQ: INCY) is a biopharmaceutical company focused on developing and commercializing therapies for oncology and inflammatory diseases. Shares recently traded around $100 per share, giving the company a market capitalization of roughly $19.4B.
The stock is up about 43% over the past year, reflecting improving profitability and stronger sentiment around Incyte’s pipeline and cash generation profile. Looking at who owns Incyte and how insiders have traded recently helps show how large investors may be approaching the stock today.
Who Are Incyte’s Top Shareholders?
Incyte’s shareholder base is led by a mix of high-conviction hedge funds and major institutional managers. Passive firms appear to be adjusting exposure, while several active and quantitative investors have added, suggesting a more selective shift in ownership rather than broad exits.
- Baker Bros. Advisors LP: 30,743,663 shares (15.66%), ~$3.04B value. Added 388 shares (+0.00%).
- The Vanguard Group, Inc.: 19,863,017 shares (10.12%), ~$1.96B value. Cut 183,770 shares (-0.92%).
- Dodge & Cox: 13,932,416 shares (7.10%), ~$1.38B value. Cut 662,765 shares (-4.54%).
- BlackRock Institutional Trust Company, N.A.: 11,526,078 shares (5.87%), ~$1.14B value. Cut 164,090 shares (-1.40%).
- State Street Investment Management (US): 9,676,796 shares (4.93%), ~$956M value. Cut 198,962 shares (-2.01%).
- AQR Capital Management, LLC: 7,923,511 shares (4.04%), ~$783M value. Cut 277,944 shares (-3.39%).
- Renaissance Technologies LLC: 4,528,132 shares (2.31%), ~$447M value. Added 646,200 shares (+16.65%).
- Geode Capital Management, LLC: 4,486,170 shares (2.29%), ~$443M value. Added 138,439 shares (+3.18%).
- LSV Asset Management: 3,986,097 shares (2.03%), ~$394M value. Added 124,266 shares (+3.22%).
- Arrowstreet Capital, Limited Partnership: 3,103,946 shares (1.58%), ~$307M value. Added 373,298 shares (+13.67%).
For investors, this mix suggests Incyte remains supported by long-term capital, while recent trimming by some large managers may reflect portfolio rebalancing after the stock’s strong run.
Hedge Fund Highlights
One notable development last quarter was Winton Group’s sharp increase in its Incyte Corporation position. The quantitative hedge fund founded by David Harding boosted its stake by roughly 1,949%, now holding about $19.0M value in INCY, which may reflect improving earnings signals or favorable systematic inputs.
Citadel Advisors, led by Ken Griffin, also increased exposure, lifting its Incyte position by approximately 848% to around $2.9M value. While still small relative to the firm’s overall portfolio, the scale of the increase stands out.
Jane Street Group, founded by Rob Granieri, Tim Reynolds, Michael Jenkins, and Marc Gerstein, expanded its holdings by about 189%, bringing its position to roughly $0.8M value, which appears consistent with trading-oriented or systematic activity.
Meanwhile, Gotham Asset Management, run by value investor Joel Greenblatt, raised its stake by roughly 25%, now holding close to $19.9M value in Incyte shares. For investors, hedge fund activity appears selective and constructive rather than crowded.
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Incyte’s Recent Insider Trades
Insider trades can help provide context on how executives and directors may be managing personal exposure. Recent filings for Incyte show mostly small transactions that lean toward selling.
- Sheila A. Denton (Officer): Sold $299K; sold $270K; sold $52K; acquired $35K.
- Lee Heeson (Officer): Sold ~$40K.
- Patrick A. Mayes (Officer): Sold ~$136K.
- Edmund P. Harrigan, M.D. (Director): Sold ~$25K.
- Baker Bros. Advisors LP: Reported 388 shares at $0.
It appears these transactions are modest relative to overall insider ownership and daily trading volume. For investors, insider activity so far looks measured and does not materially change the ownership picture.
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What the Ownership & Insider Trade Data Tell Us
Incyte’s shareholder base is anchored by high-conviction hedge funds alongside major institutional managers, providing stability in the ownership structure. Mixed positioning among large firms suggests differing views on valuation following the stock’s rally rather than a clear shift in long-term confidence.
Insider activity appears cautious, with small sales and limited buying, and some filings may relate to equity compensation timing, though that is not confirmed. For investors, the data points to a balanced setup where long-term confidence remains intact, but positioning across institutions and insiders suggests a more measured approach at current price levels.
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