NEW YORK ( TheStreet) -- Covance (NYSE: CVD) hit a new 52-week low Thursday as it is currently trading at $42.73, below its previous 52-week low of $42.79 with 1.2 million shares traded as of 9:55 a.m. ET. Average volume has been 575,100 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 up 3.1% year to date as of the close of trading on Wednesday. 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 20.3, equal to the average health services industry P/E ratio and above the S&P 500 P/E ratio of 17.7.
TheStreet Ratings rates Covance as a hold. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, weak operating cash flow and poor profit margins. You can view the full Covance Ratings Report. See all 52-week low stocks or get investment ideas from our investment research center.