Analysts: Not seeing a tech bubble this time around

The tech-heavy index continues to outperform both the S&P 500 and the Dow Jones industrial average. But is the Nasdaq returning to its prime of the internet bubble era?

Richard Peterson, senior director of global markets intelligence with S&P Capital IQ, told CNBC's "Squawk on the Street" on Monday that things are different this time around.

"Back in the heyday, many of the deals had no revenue [potential], let alone earnings," he said. "There were 46 tech IPOs priced in 2000, and last year there were 34."

Read MoreNasdaq 5,000! Will this time be different?

Peterson added that Apple's strong presence has influenced the index's broad numbers for the fourth quarter. "With that being said," he added, "there are other gainers, like Netflix."

He also noted the good story in health care mergers and acquisitions activity, which he expects to increase over the coming years as the population ages.

Jason Kolbert, Maxim biotechnology analyst, told CNBC's "Squawk Alley" Monday that fears of a biotech bubble aren't that scary.

"The market hates uncertainty, but what do we have today in biotech? More visibility than we've ever had before," he said.

The Nasdaq MarketSite in New York on April 17, 2014.
Scott Eells | Bloomberg | Getty Images
The Nasdaq MarketSite in New York on April 17, 2014.

Kolbert attributes his confidence to a lower clinical trial failure rate as well we a higher FDA approval rate.

"I think the odds are going up. We're gambling a little bit, but we understand the science at a level that we've never understood it before."

Read MoreReceptos CEO: Building for the long term