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NEW YORK (

TheStreet

) --

Abaxis

(Nasdaq:

ABAX

) hit a new 52-week high Thursday as it is currently trading at $31.48, above its previous 52-week high of $31.45 with 403,626 shares traded as of 3:58 p.m. ET. Average volume has been 111,500 shares over the past 30 days.

Abaxis has a market cap of $624.4 million and is part of the

health care

sector and

drugs

industry. Shares are up 5.9% year to date as of the close of trading on Wednesday.

TheStreet Recommends

Abaxis, Inc. develops, manufactures, markets, and sells portable blood analysis systems for use in the human or veterinary patient-care setting to provide clinicians with rapid blood constituent measurements in the medical and veterinarian markets. The company has a P/E ratio of 43.3, equal to the average drugs industry P/E ratio and above the S&P 500 P/E ratio of 17.7.

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TheStreet Ratings rates Abaxis as a

buy

. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity. You can view the full

Abaxis Ratings Report

.

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