Mizuho analyst Graig Suvannavejh came out with a positive take on Intra-Cellular Therapies (NASDAQ: ITCI), following the company's report of strong data from its Study 501.

He said: "On first blush, the efficacy for Caplyta from Study 501 looks better than expected. Management had previously set expectations of a potential 2-4 point placebo-adjusted improvement on MADRS. Further, in our prior review of four other atypical antipsychotics that have been approved for use in an adjunctive setting in MDD (i.e., Seroquel XR, Abilify, Rexulti, and Vraylar), placebo-adjusted improvements on the MADRS scale (the standard primary end point in MDD trials) were in the range of 0.9 points at the low end (for Vraylar) to 3.2 points on the high end (for Rexulti). Therefore, Caplyta's placebo-adjusted improvements in Study 501 on MADRS was better than we expected (LINK). With favorable safety and tolerability profile generally consistent with prior lumateperone trials and no new safety signals, we're very pleased with the data outcome.

ITCI shares are trading ~20% higher pre-market, but based on our recent conversations with the buy-side and given better than expected results, we believe there's potential for the stock to move even higher."

The analyst reiterated a Buy rating on the shares, with $82 price target.