NEW YORK ( TheStreet) -- Idexx Laboratories (Nasdaq: IDXX) hit a new 52-week high Wednesday as it is currently trading at $87.80, above its previous 52-week high of $87.69 with 72,865 shares traded as of 11:55 a.m. ET. Average volume has been 251,200 shares over the past 30 days.

Idexx has a market cap of $4.86 billion and is part of the health care sector and drugs industry. Shares are up 13.6% year to date as of the close of trading on Tuesday.

IDEXX Laboratories, Inc. develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, water testing, and dairy markets and provides related services. The company has a P/E ratio of 31.3, below the average drugs industry P/E ratio of 31.8 and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Idexx as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, notable return on equity, good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value. You can view the full Idexx Ratings Report.

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