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Molycorp (MCP) Surges Amid Disclosure of Insider Buying

 November 23, 2012 12:02 PM

(By Balachander) Molycorp Inc. (NYSE: MCP) shares jumped in Friday trading amid disclosures of insider buying.

The stock, which has been trading in a 52-week range of $5.75 to $35.79, traded 14.45 percent higher at $8.29 on Friday.

Director Charles Henry bought a total of 45,192 shares at prices between $6.9499 and $7.1011 on Tuesday, a U.S. Securities and Exchange Commission filing (SEC) showed.

John Ashburn, Jr., executive vice president and general counsel of Molycorp, acquired 10,000 shares at $6.196 on Monday.

The recent purchases by Molycorp's executives follow CEO Mark Smith's purchase of 20,000 shares for an average price of $6.2024.

[Related -Molycorp Inc (MCP): Will Q3 Results Impress Investors?]

Earlier this month, the rare earth oxide (REO) producer disclosed a formal order of investigation from the SEC.

The SEC in August requested information from Molycorp in connection with a formal order of investigation pertaining to, among other things, the accuracy of Molycorp's public disclosures.

Last week, Morgan Stanley downgraded its rating on the stock to "equal weight" from "overweight". CIBC lowered its price target to $20 from $30.

Molycorp, the owner of the largest rare-earth deposit outside China, produces rare-earth metals such as niobium and tantalum, and rare-earth alloys such as neodymium-iron-boron and samarium-cobalt alloys.

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