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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.