Does Incyte Corporation (INCY) Represent a Good Addition to Your Portfolio?

With a general bullishness amongst the heavyweights, some big names were breaking ground themselves. HealthCor Management LP, managed by Arthur B Cohen and Joseph Healey, assembled the most valuable position in Incyte Corporation (NASDAQ:INCY). Healthcor Management LP had $56.6 million invested in the company at the end of the quarter. Andreas Halvorsen’s Viking Global also initiated a $47.5 million position during the quarter. The other funds with new positions in the stock are Jason Karp’s Tourbillon Capital Partners, John Burbank’s Passport Capital, and Paul Sinclair’s Blue Jay Capital Management.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Incyte Corporation (NASDAQ:INCY) but similarly valued. We will take a look at Rockwell Automation (NYSE:ROK), Essex Property Trust Inc (NYSE:ESS), Ameriprise Financial, Inc. (NYSE:AMP), and FirstEnergy Corp. (NYSE:FE). This group of stocks’ market values resemble INCY’s market value.

As you can see these stocks had an average of 27 funds with bullish positions and the average amount invested in these stocks was $596 million, which is significantly lower than the $3.25 billion that investors amassed in INCY. FirstEnergy Corp. (NYSE:FE) is the most popular stock in this table. On the other hand Essex Property Trust Inc (NYSE:ESS) is the least popular one with only 19 bullish hedge fund positions. Compared to these stocks Incyte Corporation (NASDAQ:INCY) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.