Investors showed that valuations could be gained the old-fashioned way, through earnings, awarding a $1.1 billion boost in aggregate market cap to four of five profitable biotechs whose numbers last week met or beat their respective consensus EPS marks.

That generosity wasn't provided to Immunex (IMNX), however, which took a $3.4 billion haircut despite beating the Street consensus by a penny, reporting $0.06 EPS. First quarter sales of Enbrel to treat rheumatoid arthritis hit $131.1 million, a 120 percent increase over $59.7 million in the 1999 quarter. The stock closed the week at $37, down $6.875 (16 percent).