Dodge & Cox Reduces $108M in Incyte Corporation ($INCY)

Dodge & Cox has reduced its stake in Incyte by 7.6%, as revealed in its latest 13F filing.

Written by Opentrades · Published Jun 12, 2026, 10:06 AM EDT

Key Points

Dodge & Cox reduced its Incyte stake by 1,009,386 shares, trimming its position by 7.6% to 12,252,356 shares valued at $1.31 billion.
Incyte stock, trading at $107.31, has a market cap of $21.63 billion and a P/E ratio of 15.27.
Incyte, a biopharmaceutical company, saw revenue growth of 20.9% with a net margin of 26.7% and ROE of 30.8%.

Dodge & Cox has trimmed its position in Incyte Corporation (NasdaqGS: INCY) by over 1 million shares, according to its latest filing with the SEC. The fund reduced its holdings by 1,009,386 shares, bringing its total stake to 12,252,356 shares. This represents a 7.6% decrease in its position, with the current holding valued at approximately $1.31 billion as of May 14, 2026.

What Changed in Dodge & Cox's Incyte Position

Dodge & Cox's recent move saw its Incyte holdings drop from 13,261,742 shares to 12,252,356 shares. The reduction of 1,009,386 shares corresponds to a 7.6% decrease. Despite this trim, the fund still holds a substantial investment in the biopharmaceutical company, valued at about $1.31 billion.

Incyte Stock Snapshot

Shares of Incyte Corporation traded around $107.31. With a market capitalization of $21.63 billion, the company has a P/E ratio of 15.27 and a forward P/E of 11.81. The stock's 52-week range is between $66.74 and $112.29, with a 50-day moving average of $97.51 and a 200-day moving average of $96.38. Incyte maintains a current ratio of 3.68 and a quick ratio of 3.40, with a debt-to-equity ratio of 0.70.

Recent Earnings

Incyte reported revenue of $5.36 billion, reflecting a growth of 20.9%. The company achieved a net margin of 26.7% and a return on equity of 30.8%. The next earnings report is expected on April 28, 2026.

About Incyte

Incyte Corporation is a biopharmaceutical company based in Wilmington, Delaware, focused on discovering and developing therapeutics. The company offers several treatments, including JAKAFI for myelofibrosis and ICLUSIG for leukemia. With a workforce of 2,844 employees, Incyte operates in markets across the United States, Europe, Canada, and Japan. Under the leadership of CEO William J. Meury, the company continues to advance its pipeline of clinical-stage products.

Bottom Line

Dodge & Cox's decision to trim its position in Incyte by over 1 million shares reflects a strategic adjustment in its portfolio. Investors often monitor such moves to gauge institutional sentiment. It's important to note that 13F filings are backward-looking and may not represent the fund's current position. As Incyte continues to perform in the biotech sector, its financial metrics and growth prospects remain a focal point for analysts and investors alike.