Incyte Corporation

INCY

Held by 4 specialist biotech funds

High Convergence

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Fund Holdings

4 fund convergence

Avoro Capital Advisors Baker Bros. Advisors Driehaus Capital

Position Trend

Feb 17, 2026

$3059.1M

3 funds

Mar 16, 2026

$13.3M

1 fund

-100% total institutional value over 2 quarters

Catalysts

Phase 3Apr 24, 2022BaricitinibAtopic Dermatitis

Phase 2Sep 8, 2022INCMGA00012Glioblastoma

Phase 2

Activist Filings

SC 13D/ABaker Bros. Advisors15.5%Feb 10, 2026

SC 13D/ABaker Bros. Advisors16.1%Jun 14, 2024

SC 13D/A

Position Details

Avoro Capital AdvisorsNEWMar 16, 2026

Shares: 135,000Value: $13.3M

# Signal Note: Avoro Capital initiates INCY position Avoro's $13.3M entry into Incyte suggests conviction in the company's pipeline beyond its mature JAK inhibitor franchise, likely pivoting on near-term catalysts such as Phase 3 data for axiostat (hemostasis) or advancement in its oncology/immunology programs. The position size and specialist investor backing indicate confidence in valuation at current levels, though INCY faces patent cliff risk on Jakafi revenues beginning 2025—making pipeline readouts critical near-term catalysts.

Baker Bros. AdvisorsNEW

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Also Held by These Funds

RVMD4 funds GPCR4 funds ALKS3 funds ARGX3 funds ARWR3 funds CELC3 funds KYMR3 funds MDGL

Research Links

Yahoo Finance →SEC EDGAR →ClinicalTrials.gov →

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Chronic Myelomonocytic Leukemia, Leukemia

Phase 2Dec 2, 2022ruxolitinibOther Cancer

Phase 2Dec 28, 2022BusulfanPrimary Myelofibrosis, Secondary Myelofibrosis

Phase 2Dec 31, 2022RuxolitinibInflammatory Breast Cancer (IBC)

Phase 3PositiveDec 15, 2023RetifanlimabMetastatic Squamous Non-Small Cell Lung Cancer, Metastatic Nonsquamous Non-Small Cell Lung Cancer

Phase 3Feb 23, 2024tafasitamabFollicular Lymphoma, Marginal Zone Lymphoma

Phase 2Jul 17, 2024TafasitamabDiffuse Large B Cell Lymphoma

Phase 2Sep 9, 2024EpacadostatSarcoma

Phase 2Mar 14, 2025RetifanlimabHead and Neck Cancer

Phase 2Apr 1, 2025INCB000928Anemia, Post-essential Thrombocythemia Myelofibrosis, Post-polycythemia Vera Myelofibrosis

Phase 2May 1, 2025CapecitabineGastric Adenocarcinoma, Esophageal Adenocarcinoma

Phase 2Jun 30, 2025PelareorepAnatomic Stage IV Breast Cancer AJCC v8, Locally Advanced Breast Carcinoma, Metastatic Triple-Negative Breast Carcinoma

Phase 3Aug 6, 2025INCA034176Chronic Graft-versus-host-disease

Phase 2Sep 25, 2025RuxolitinibChronic Phase Chronic Myeloid Leukemia, Chronic Myeloid Leukemia, Chronic Phase

Phase 2Sep 30, 2025TafasitamabCNS Lymphoma, Primary Central Nervous System Lymphoma, Secondary Central Nervous System Lymphoma

Phase 2Nov 7, 2025RuxolitinibHemophagocytic Lymphohistiocytosis

Phase 2Dec 31, 2025Ponatinib 15 MGChronic Myeloid Leukemia, Chronic Phase

Phase 2Jan 31, 2026RuxolitinibDuctal Carcinoma In Situ, Atypical Lobular Hyperplasia, Atypical Ductal Hyperplasia

Phase 3Feb 24, 2026PovorcitinibNonSegmental Vitiligo

Phase 3Mar 17, 2026PovorcitinibNonSegmental Vitiligo

Phase 2Mar 31, 2026RuxolitinibHodgkin Lymphoma

Phase 2Mar 31, 2026DoxorubicinResectable Sarcoma

Phase 2Mar 31, 2026Ruxolitinib Topical CreamExanthema, Lichenoid Skin Rashes Under Anti-PD1 Tumor Therapy

Phase 3Apr 1, 2026TafasitamabLarge B-Cell Lymphoma, Diffuse Large B-Cell Lymphoma

Phase 2Apr 14, 2026retifanlimabEndometrial Cancer

Phase 2May 1, 2026CyclophosphamideB Acute Lymphoblastic Leukemia, Philadelphia Chromosome Negative

Phase 2May 8, 2026INCB177054Solid Tumors, Advanced Solid Tumors, Metastatic Solid Tumors

Phase 2May 31, 2026AxatilimabHodgkin Lymphoma

Phase 2Jun 15, 2026povorcitinibModerate to Severe Asthma

Phase 2Jun 20, 2026ItacitinibDiffuse Large B Cell Lymphoma

Phase 2Jun 22, 2026itacitinibMyelofibrosis, Postlung Transplant (Bronchiolitis Obliterans), Chronic Graft Versus Host Disease

Phase 2Jun 30, 2026INCMGA00012Well-differentiated/Dedifferentiated Liposarcoma

Phase 2Jul 3, 2026INCA034176Chronic Graft-versus-host-disease

Phase 3Jul 13, 2026RuxolitinibAtopic Dermatitis

Phase 2Jul 22, 2026INCB099280Advanced Solid Tumor

Phase 2Jul 31, 2026PemigatinibIntrahepatic Cholangiocarcinoma, FGFR2 Gene Rearrangement, FGFR2 Gene Mutation

Phase 3Aug 10, 2026Ruxolitinib CreamNonSegmental Vitiligo

Phase 3Sep 1, 2026TafasitamabDiffuse Large B-cell Lymphoma

Phase 2Sep 28, 2026INCB099280Cutaneous Squamous Cell Carcinoma

Phase 2Sep 29, 2026RetifanlimabSoft Tissue Sarcoma, Sarcoma,Soft Tissue, Sarcoma

Phase 3Sep 30, 2026PrednisoneAcute Lymphoblastic Leukemia, Acute Lymphoblastic Lymphoma

Phase 3Oct 9, 2026Ruxolitinib CreamHidradenitis Suppurativa

Phase 3Oct 19, 2026PovorcitinibPrurigo Nodularis

Phase 2Oct 31, 2026Ruxolitinib 1.5% CreamHidradenitis Suppurativa

Phase 2Dec 1, 2026PembrolizumabTNBC - Triple-Negative Breast Cancer, Breast Cancer

Phase 3Dec 26, 2026PovorcitinibHidradenitis Suppurativa (HS)

Phase 2Dec 31, 2026PemigatinibAdvanced Pancreatic Carcinoma, Metastatic Pancreatic Carcinoma, Stage II Pancreatic Cancer AJCC v8

Phase 2Dec 31, 2026RuxolitinibT-cell Lymphoma, Graft Versus Host Disease, Lymphoma, T-Cell

Phase 2Dec 31, 2026tafasitamabNon Hodgkins Lymphoma, Diffuse Large B-cell Lymphoma

Phase 2Dec 31, 2026LenalidomideGrade 3b Follicular Lymphoma, High Grade B-Cell Lymphoma, High Grade B-Cell Lymphoma With MYC and BCL2 and/or BCL6 Rearrangements

Phase 2Jan 1, 2027RuxolitinibSplenomegaly, Myelofibrosis

Phase 2Jan 31, 2027RetifanlimabUnresectable Clinical Stage III Merkel Cell Carcinoma AJCC v8, Clinical Stage IV Merkel Cell Carcinoma AJCC v8, Merkel Cell Carcinoma

Phase 2Jan 31, 2027TafasitamabLarge B-cell Lymphoma

Phase 2Jan 31, 2027PemigatinibRelapsed or Refractory B-cell Non-Hodgkin Lymphoma, Mantle Cell Lymphoma, Marginal Zone Lymphoma

Phase 2Feb 6, 2027topical ruxolitinib 1.5% creamNon-sclerotic Cutaneous Chronic Graft-versus-host Disease

Phase 2Feb 28, 2027RuxolitinibMyelofibrosis

Phase 2Feb 28, 2027TafasitamabNon-Hodgkin Lymphoma

Phase 2Apr 1, 2027AxatilimabAdvanced Malignant Solid Neoplasm, Metastatic Malignant Solid Neoplasm, Recurrent Malignant Solid Neoplasm

Phase 2Apr 1, 2027BusulfanHematologic and Lymphocytic Disorder

Phase 2Apr 27, 2027INCB123667Ovarian Cancer

Phase 3Apr 30, 2027Ruxolitinib CreamNonSegmental Vitiligo

Phase 2Jun 1, 2027RuxolitinibLeukemia, Myelodysplasia, Chronic Myelomonocytic Leukemia

Phase 2Jun 1, 2027AxatilimabChronic Graft-versus-host-disease

Phase 2Jun 1, 2027RetifanlimabGlioma, IDH Mutation, Astrocytoma

Phase 2Jun 1, 2027RuxolitinibAcute Graft-versus-host Disease, Allogeneic Bone Marrow Transplantation, Adverse Effects

Phase 2Jun 30, 2027PemigatinibSolid Tumor, Miscellaneous

Phase 2Jul 15, 2027EpacadostatRectal Cancer

Phase 2Jul 30, 2027INCB000928Fibrodysplasia Ossificans Progressiva (FOP)

Phase 2Jul 31, 2027RuxolitinibEssential Thrombocythemia, Polycythemia Vera

Phase 2Aug 29, 2027TafasitamabHematologic Malignancies

Phase 2Aug 31, 2027ASTX727MDS/MPN

Phase 2Sep 23, 2027INCA000585Immune Thrombocytopenia

Phase 3Sep 28, 2027INCA034176Chronic Graft-versus-host-disease

Phase 2Sep 30, 2027RuxolitinibPancreatic Cancer, Colorectal Cancer (CRC), Breast Cancer

Phase 2Sep 30, 2027ParsaclisibB-Cell Malignancies

Phase 2Sep 30, 2027PanitumumabCancer, Tumors, Neoplasm

Phase 2Oct 31, 2027AxatilimabAtypical Chronic Myeloid Leukemia, Chronic Myelomonocytic Leukemia, Myelodysplastic/Myeloproliferative Neoplasm

Phase 2Dec 31, 2027CyclosporineAplastic Anemia

Phase 2Dec 31, 2027RuxolitinibHemophagocytic Lymphohistiocytoses

Phase 2Dec 31, 2027RuxolitinibNon Small Cell Lung Carcinoma, Renal Cell Carcinoma

Phase 2Jan 30, 2028EnzalutamideCastration-Resistant Prostate Carcinoma, Metastatic Prostate Adenocarcinoma, Stage IVB Prostate Cancer AJCC v8

Phase 2Jan 31, 2028UlixertinibMyelofibrosis

Phase 2Jan 31, 2028RuxolitinibNon-Hodgkin Lymphoma, Hodgkin Disease Lymphoma, Non-Hodgkin Lymphoma Refractory/ Relapsed

Phase 2Feb 1, 2028PonatinibAcute Myeloid Leukemia, Accelerated Phase Chronic Myeloid Leukemia, Blast Phase Chronic Myeloid Leukemia

Phase 2Feb 22, 2028PemigatinibAdvanced Cholangiocarcinoma, FGFR2 Fusion

Phase 3Feb 28, 2028povorcitinibHidradenitis Suppurativa (HS)

Phase 2Mar 25, 2028PovorcitinibHidradenitis Suppurativa (HS)

Phase 2May 1, 2028ZanubrutinibMantle Cell Lymphoma

Phase 3May 31, 2028INCA034176Chronic Graft-versus-host-disease

Phase 2Jun 30, 2028Conditioning Regimen AAML (Acute Myelogenous Leukemia), Acute Lymphoid Leukemia (ALL), Acute Leukemia (Category)

Phase 2Aug 10, 2028AxatilimabChronic Graft Versus Host Disease

Phase 2Aug 31, 2028EpcoritamabLymphoma

Phase 2Oct 1, 2028PemigatinibSDH Gene Mutation, Gastrointestinal Stromal Tumor

Phase 3Nov 15, 2028INCB123667Ovarian Cancer

Phase 2Nov 19, 2028RuxolitinibSickle Cell Disease, Hematopoetic Stem Cell Transplant, Haploidentical Hematopoietic Stem Cell Transplant

Phase 3Dec 29, 2028INCA33890CRC (Colorectal Cancer)

Phase 2Dec 30, 2028RuxolitinibBCR-JAK2 Fusion Protein Expression, Blasts 20 Percent or Less of Peripheral Blood White Cells, Blasts More Than 5 Percent of Bone Marrow Nucleated Cells

Phase 2Dec 31, 2028RuxolitinibChronic Graft-versus-host Disease (cGVHD)

Phase 2Dec 31, 2028RuxolitinibCastleman's Disease (CD), Idiopathic Multicentric Castleman's Disease

Phase 2Jan 31, 2029INCA034176Chronic Graft-versus-host-disease

Phase 2Jan 31, 2029CyclophosphamideHematologic Malignancies

Phase 2Jan 31, 2029ChemotherapyAnal Cancer, HPV-Related Carcinoma, Squamous Cell Carcinoma of the Anus

Phase 2Jul 8, 2029TafasitamabFollicular Lymphoma, Marginal Zone Lymphoma

Phase 2May 5, 2030AxatilimabChronic Graft Versus Host Disease, cGVHD

Phase 2Sep 1, 2030RuxolitinibMyelodysplastic/Myeloproliferative Neoplasm, Primary Myelofibrosis, Secondary Myelofibrosis

Phase 2Dec 31, 2030RuxolitinibGlioblastoma, Brain Cancer, Glioblastoma Multiforme

Phase 3Jan 17, 2031Tacrolimus (Tac)Graft-versus-host Disease (GVHD)

Phase 2Jul 31, 2031Axatilimab (SNDX-6352)Myelofibrosis (MF), Chronic Myelomonocytic Leukemia (CMML)

Phase 2Dec 31, 2031EpcoritamabLarge B Cell Lymphoma

Phase 2Dec 31, 2032PembrolizumabTNBC - Triple-Negative Breast Cancer, Breast Cancer

SC 13D/ABaker Bros. Advisors16.2%May 9, 2024

SC 13D/ABaker Bros. Advisors16.3%Mar 15, 2023

SC 13D/ABaker Bros. Advisors16.4%Mar 10, 2022

SC 13D/ABaker Bros. Advisors15.7%Feb 14, 2022

SC 13D/ABaker Bros. Advisors14.6%May 18, 2021

SC 13D/ABaker Bros. Advisors14.8%Apr 29, 2020

SC 13D/ABaker Bros. Advisors15.0%Jun 7, 2019

SC 13D/ABaker Bros. Advisors16.1%Feb 27, 2019

SC 13D/ABaker Bros. Advisors16.2%May 3, 2018

SC 13D/ABaker Bros. Advisors16.7%Apr 28, 2017

Shares: 30,743,991Value: $3036.6M

**Signal Note: Baker Bros. Initiates Massive INCY Position** The reported position size (~$3 trillion) is almost certainly a data error — likely a misparse of share count or dollar value — and should be verified against the actual 13F filing before acting. That said, any genuine new Baker Bros. position in Incyte warrants attention given their concentrated, high-conviction biotech strategy and strong track record in hematology/oncology names. INCY's catalyst pipeline centers on ruxolitinib (Jakafi) lifecycle management ahead of eventual LOE (~2028), the ruxolitinib cream (Opzelura) ramp in atopic dermatitis, and pipeline readouts including axatilimab in chronic graft-versus-host disease (PDUFA) — a Baker-style bet would likely reflect conviction in underappreciated revenue durability or a near-term regulatory

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