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NEW YORK ( TheStreet) -- Watson Pharmaceuticals (NYSE: WPI) hit a new 52-week high Thursday as it is currently trading at $75, above its previous 52-week high of $73.35 with 1.5 million shares traded as of 9:35 a.m. ET. Average volume has been 1.9 million shares over the past 30 days. Watson has a market cap of $8.75 billion and is part of the health care sector and drugs industry. Shares are up 13.7% year to date as of the close of trading on Wednesday. Watson Pharmaceuticals, Inc., a specialty pharmaceutical company, engages in the development, manufacture, marketing, sale, and distribution of generic and brand pharmaceutical products in the United States, western Europe, Canada, Australasia, Asia, South America, and South Africa. The company has a P/E ratio of 33.3, equal to the average drugs industry P/E ratio and above the S&P 500 P/E ratio of 17.7.