Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Baker / Tisch Capital (GP), LLC
   2. Issuer Name and Ticker or Trading Symbol
INCYTE CORP [INCY] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
667 MADISON AVENUE 17TH FLOOR		 3. Date of Earliest Transaction (Month/Day/Year)
02/26/2009
(Street)

NEW YORK, NY US 10021		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock (1) (2) 03/02/2009   P   179 A $ 2.1365 139,289 I Through Partnership (3)
Common Stock (1) (2) 03/02/2009   P   164 A $ 2.1709 139,453 I Through Partnership (3)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
3.5% Subordinated Convertible Note due 2011 (1) (2) $ 11.2185 02/26/2009   P   78,000     (4) 02/15/2011 Common Stock 6,953 $ 49.35 109,000 I Through Partnership
3.5% Subordinated Convertible Note due 2011 (1) (2) $ 11.2185 02/27/2009   P   31,000     (4) 02/15/2011 Common Stock 2,763 $ 49.25 140,000 I Through Partnership
3.5% Subordinated Convertible Note due 2011 (1) (2) $ 11.2185 02/27/2009   P   21,000     (4) 02/15/2011 Common Stock 1,872 $ 49.125 161,000 I Through Partnership
3.5% Subordinated Convertible Note due 2011 (1) (2) $ 11.218 03/02/2009   P   81,000     (4) 02/15/2011 Common Stock 7,220 $ 48.125 242,000 I Through Partnership

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Baker / Tisch Capital (GP), LLC
667 MADISON AVENUE 17TH FLOOR
NEW YORK, NY US 10021		   X   X    
BAKER JULIAN
667 MADISON AVENUE, 17TH FLOOR
NEW YORK, NY US 10021		   X   X    
BAKER FELIX
667 MADISON AVENUE, 17TH FLOOR
NEW YORK, NY US 10021		   X   X    

Signatures

 /s/ Julian C. Baker, as Managing Member of Baker / Tisch Capital (GP), LLC   03/02/2009
**Signature of Reporting Person Date
 /s/ Julian C. Baker   03/02/2009
**Signature of Reporting Person Date
 /s/ Felix J. Baker   03/02/2009
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) In addition to Baker/ Tisch Capital (GP), LLC, this Form 4 is being filed jointly by Julian C. Baker and Felix J. Baker, each of whom has the same business address as Baker Tisch Capital (GP), LLC and may be deemed to have a pecuniary interest in securities owned by it. Julian C. Baker is a Director of the Issuer. Because of certain relationships with other security holders of the Issuer, the Reporting Persons are filing solely for informational purposes as if they were members of a group of such shareholders. (Continued in footnote 2).
(2) However, the Reporting Persons disclaim that they and any other person or persons, in fact constitute a "group" for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, or Rule 13d-5 thereunder or that they are the beneficial owners of securities owned by any such other persons, and each of them disclaims beneficial ownership of securities reported herein except to the extent of their pecuniary interest, if any, therein.
(3) Represents securities owned directly by Baker/ Tisch, L.P., the sole general partner of which is Baker/ Tisch Capital, L.P., a limited partnership the sole general partner of which is Baker/ Tisch Capital (GP),LLC. Julian C. Baker and Felix J. Baker are the controlling members of Baker/ Tisch Capital (GP), LLC.
(4) Immediately.

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