NEW YORK ( TheStreet) -- Covance (NYSE: CVD) is trading at unusually high volume Wednesday with 2.3 million shares changing hands. It is currently at four times its average daily volume and trading up $1.19 (+2.7%) at $45 as of 4:01 p.m. ET. Covance has a market cap of $2.8 billion and is part of the health care sector and health services industry. Shares are down 4.2% year to date as of the close of trading on Tuesday. 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 20.4, 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 revenue growth, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, unimpressive growth in net income and poor profit margins. You can view the full Covance Ratings Report. See all heavy volume stocks in our stocks moving on unusual volume list or get investment ideas from our investment research center. Interested in other stocks that are rising on unusually high volume? Get free SMS text alerts sent to you when the action happens by texting HVUP to 95370 or select from multiple alert options.