Peregrine Pharmaceuticals Inc.’s stock dropped in the double-digits today after a website published a second critical story about its lead drug candidate.

Investors sent the Tustin-based drug developer’s shares down 16% in midday trading to a market value of about $193 million.

It’s the second large drop in Peregrine within a week—shares fell 17% on Aug. 22.

Peregrine shares had been rising steadily until the recent dips. They still are up 86% since the start of 2012.

Seeking Alpha published a story today by the Chimera Research Group of Fort Lee, N.J., which said it was “shocked” at Peregrine’s market value. Chimera noted Peregrine only had $18 million in cash as of April 30 and that there were “significant risks” to its lead drug candidate, bavituximab, which is in clinical trials.

Chimera, which is made up of scientists, graduate students and analysts, said it had a short position in Peregrine.

See more in this week’s print edition of the Business Journal.