NEW YORK ( TheStreet) -- Covance (NYSE: CVD) hit a new 52-week low Tuesday as it is currently trading at $42.82, below its previous 52-week low of $43 with 34,930 shares traded as of 10:05 a.m. ET. Average volume has been 735,800 shares over the past 30 days.

Covance has a market cap of $2.8 billion and is part of the health care sector and health services industry. Shares are down 14.7% year to date as of the close of trading on Monday.

Covance Inc., a drug development services company, provides various 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 40.6, below the average health services industry P/E ratio of 40.9 and above the S&P 500 P/E ratio of 17.7.
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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 disappointing return on equity and poor profit margins. You can view the full Covance Ratings Report.

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