NEW YORK ( TheStreet) -- Forest Laboratories (NYSE: FRX) hit a new 52-week high Wednesday as it traded at $34.18 compared with its previous 52-Week high of $34.17. Forest is changing hands at $34.17 with 84,015 shares traded as of 9:41 a.m. ET. Average volume has been 2.2 million shares over the past 30 days. Forest has a market cap of $9.6 billion and is part of the health care sector and drugs industry. Shares are up 6.3% year to date as of the close of trading on Tuesday. Forest Laboratories, Inc. develops, manufactures, and sells branded and generic forms of ethical drug products. The company has a P/E ratio of 13.2, equal to the average drugs industry P/E ratio and below the S&P 500 P/E ratio of 23.4. TheStreet Ratings rates Forest 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, attractive valuation levels, increase in net income and expanding profit margins. We feel these strengths outweigh the fact that the company shows weak operating cash flow. You can view the full Forest Ratings Report. See all 52-week high stocks or get investment ideas from our investment research center.