NEW YORK ( TheStreet) -- Shares of Abaxis (Nasdaq: ABAX) have taken a tremendous swing upward. The stock is trading at $29.69 as of 12:06 p.m. ET, 20.2% above Tuesday's closing price of $24.71. Volume is at 336,317, 1.9 times the daily average of 179,800.

Abaxis has a market cap of $551 million and is part of the health care sector and drugs industry. Shares are down 8% year to date as of the close of trading on Tuesday.

Abaxis, Inc. develops, manufactures, markets, and sells portable blood analysis systems for use in veterinary or human patient-care setting to provide blood constituent measurements for clinicians worldwide. The company has a P/E ratio of 43.3, above the average drugs industry P/E ratio of 42.6 and above the S&P 500 P/E ratio of 17.7.

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, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Abaxis Ratings Report.

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