NEW YORK (

TheStreet

) --

Covance

(NYSE:

CVD

) hit a new 52-week high Thursday as it is currently trading at $62.16, above its previous 52-week high of $62.15 with 184,790 shares traded as of 11:56 a.m. ET. Average volume has been 665,500 shares over the past 30 days.

Covance has a market cap of $3.7 billion and is part of the

health care

sector and

health services

industry. Shares are up 19.5% year to date as of the close of trading on Wednesday.

TheStreet Recommends

Covance Inc., a drug development services company, provides early-stage and late-stage product development services primarily to the pharmaceutical, biotechnology, and medical device industries worldwide. The company has a P/E ratio of 58.2, equal to the average health services industry P/E ratio and above the S&P 500 P/E ratio of 16.9.

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TheStreet Ratings rates Covance as a

hold

. 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 and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity. You can view the full

Covance Ratings Report

.

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