Shares of Clover Health Investments plummeted more than 20 percent at one point Wednesday afternoon, a day after the Franklin-based health insurance company reported second-quarter results.

At publication time, the stock (ticker: CLOV ) was priced at $2.30, down 19.12 percent (the equivalent drop of $0.54 per share). Volume was heavy as about 23.3 million shares had traded. The daily average for the stock, which trades on the Nasdaq stock exchange, is about 8.87 million, according to Yahoo Finance.

Online market information websites Zacks Equity Research and StockStory report the stock dive might be attributed to investor concerns regarding the 88.4 percent increase in the insurance benefits expense ratio (BER), a major metric showing the portion of premiums spent on medical care.

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