Noteworthy Tuesday Option Activity: COST, MU, HRMY

Micron Technology (MU) and Harmony Biosciences (HRMY) are experiencing unusually high options trading volume, signaling potential shifts in investor sentiment. MU's options volume reached 95.6% of its average daily share volume, with significant activity in the September 2025 $135 call options. Similarly, HRMY's options volume hit 94% of its average daily share volume, driven by notable interest in the October 2025 $40 call options, indicating increased speculative or bullish positioning in both names.

Analysis

Micron Technology (MU) and Harmony Biosciences (HRMY) are both experiencing exceptionally high options market activity, indicating a significant increase in investor positioning. For Micron, options volume reached 169,850 contracts, representing 95.6% of its average daily share trading volume, a remarkably high ratio. This activity was notably concentrated in the September 2025 $135 strike call option, which saw 7,550 contracts traded. Similarly, Harmony Biosciences saw its options volume reach 94% of its average daily share volume, with a focus on the October 2025 $40 strike call option. The concentration in long-dated call options for both tickers suggests that market participants are making specific, directional bets on substantial stock price appreciation over a one-to-two-year horizon. Such a large flow relative to the underlying stock liquidity signals a strong conviction from this segment of the options market and may foreshadow increased volatility or directional trends.

Key Decisions for Investors

• Investors should recognize the highly unusual options volume in MU and HRMY, which is nearly equivalent to daily stock turnover, as a potential leading indicator of heightened volatility and directional conviction.