Andrew Toy Courtesy of Clover Health

Shares of Clover Health Investments Corp. fell nearly 16 percent Wednesday after third-quarter results, as the Franklin-based health insurer said it now expects lower earnings for the year despite having reported higher revenue for the recently ended quarter.

Clover Health (ticker: CLOV ) saw heavy trading Wednesday after the announcement, with more than 22 million shares changing hands by market close, according to Yahoo Finance. The daily average had been 8.9 million shares.

The stock was priced at $2.96 per share, down 15.77 percent (the equivalent drop of $0.55 per share).

The company reported its revenue climbed by 50.1 percent compared to the number of the previous year; however, its earnings per share missed forecasts.

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