Why Shares of Apellis Pharmaceuticals Were Down Wednesday
Shares of Apellis Pharmaceuticals (NASDAQ: APLS) were down more than 9% on Wednesday, after falling as much as 12% earlier in the day. The company's shares fell following a short-seller report on the pharmaceutical company. The stock is down more than 24% so far this year.
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 report stated that the trials didn't sufficiently report 14 cases of retinal vasculitis, an inflammatory condition that kills blood vessels, in patients receiving the therapy.
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.
Source Fool.com
