Medivation shares continue to reflect ongoing takeover speculation, JPMorgan analyst Anupam Rama tells investors in a research note after hosting an investor Q&A session with management. With shares being less fundamentally driven at this time, Rama sees two potential outcomes from here: A publically disclosed bid from a potential acquirer or takeover speculation being taken out of the stock after no bid materializes in the near term. Investors find a mid-$50 per share price as an "interesting" starting point for takeover discussions, Rama writes. Should no bid materialize, the analyst thinks Medivation shares could trade back down to the high-$30s level. The maker of cancer treatment Xtandi closed yesterday down 26c to $43.92. Rama recommends waiting for the stock to move below $40 before adding to positions. The analyst has an Overweight rating on Medivation with a $48 price target.