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Shares of Apellis Pharmaceuticals (NASDAQ: APLS) were down more than 9% on Wednesday, after falling as much as 12% earlier in the day. Favus Institutional Research called into question data regarding Apellis' lead therapy, Syfovre, which is the only therapy approved by the Food and Drug Administration (FDA) to treat geographic atrophy secondary to age-related macular degeneration. The news comes just a couple of days after Apellis said that the therapy had been given a permanent J-code, effective Oct. 1, by the Centers for Medicare & Medicare Services (CMS), allowing Syfovre to be covered for Medicare Part B plans.