Cohen's SAC Capital Boosts Passive Stake in Incyte (INCY) to 6.4%
In a 13G filing on Incyte Corporation (Nasdaq: INCY), Steven Cohen's SAC Capital disclosed a 6.4% stake (5,458,605 shares) in the company. This is up from the 1,105,000 share stake held at the quarter ended 3/31/08. A 13G indicates a 'passive investment'.
Incyte Corporation operates as a drug discovery and development company, which focuses on developing proprietary small molecule drugs to treat human immunodeficiency virus (HIV), diabetes, oncology, and inflammation diseases.
SAC is a multi-strategy, private asset management firm founded by Steven A. Cohen in 1992 with 9 employees and $25 million in assets under management. As of September 2007, the firm has grown to over 800 employees with approximately $14 billion in assets.