Guggenheim analyst Michael Schmidt downgraded Seattle Genetics (SGEN) to Neutral from Buy, stating that as he now views the shares as fairly valued following their strong performance in 2019. For 2020, Schmidt highlights Arvinas (ARVN), Cellectis (CLLS) and Turning Point Therapeutics (TPTX) as his new top picks in the emerging category. For Arvinas he sees 2020's key catalysts include proof-of-concept Phase I clinical data from ARV-110 in prostate cancer and ARV-471 in ER+/HER2- breast cancer patients. On Cellectis, he believes the company could potentially re-emerge as having one of the leading off-the-shelf CAR-T therapy platforms in 2020. For Turning Point, Schmidt sees interim results from the TRIDENT-1 trial for the treatment of genetically-selected patients with ROS1 or NTRK mutations as a key catalyst.