Oppenheimer analyst Esther Rajavelu upgraded GW Pharmaceuticals (GWPH) to Outperform from Perform and raised her price target for the shares to $234 from $162.

The stock in premarket trading is up 8%, or $14.91, to $195.00.

GW last night reported "strong" Epidiolex uptake and more importantly, shared positive topline results from a Phase 3 study of Epidiolex in patients with seizures associated with tuberous sclerosis complex, Rajavelu tells investors in a research note. As a result, the analyst updated her probability of approval in tuberous sclerosis complex to 87% from 41%.

The analyst also likes GW's efforts to broaden the pipeline with open-label studies of CBDV for autism spectrum disorder and Rett syndrome.