It seems like only yesterday that there was a cacophony of criticism and doubt from naysayers regarding biotechnology stock and exchange traded funds.

In reality, “yesterday” was the first quarter when the usually pricey biotech sector soared to valuations that were double its already high historical average. For nearly two months, say the Feb. 25 peak on the iShares Nasdaq Biotechnology ETF (NasdaqGS: IBB) to the ETF’s April 11 trough, the biotech boo birds were right and they were not shy about letting the world know as much. [Investors Flee Biotech ETFs]

Biotech naysayers have, however, been largely reticent in telling the world that biotech ETFs have reclaimed substantial portions of their March/April losses. And biotech bears really will not like the latest anecdote from the sector: To this point in Wednesday’s trading session, just 30 ETFs have hit new all-time highs and one of those funds is the First Trust NYSE Arca Biotechnology Index Fund (NYSEArca: FBT).

Said another way, FBT has reclaimed all of its nearly 15% late February through mid-April swoon and then some. The ETF is up nearly 7% since we highlighted it two weeks ago. [A Healthy Biotech ETF]

But there is more and it is certain to ruffle the feathers of the biotech bears. Entering Wednesday, the other four biotech ETFs, IBB, the SPDR S&P Biotech ETF (NYSEArca: XBI), Market Vectors Biotech ETF (NYSEArca: BBH) and the PowerShares Dynamic Biotechnology & Genome Portfolio (NYSEArca: PBE), were an average of 4.1% below their all-time highs. The worst offender is XBI at about 9.1% below its previous high, but give that ETF some credit. It is up 12% in the past month. PBE is less than $1 below its prior high. [Puma Pumps up Biotech ETFs]

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