ZMH rose 0.82 percent yesterday to close at $51.52. Shares have been drifting downward since the spring and are still just above their mid-August lows.
For the puts purchased yesterday to turn a profit, the stock would need to drop at least 14 percent by the Oct. 21 expiration.
The company designs and manufactures orthopedic devices, dental implants, and related surgical products. It is scheduled to release earnings results on Oct. 27, less than a week after the options expire.
More than 5,400 puts traded against about 1,000 calls. Total option volume was 4 times greater than average.
Related: Medical Device Shares Rise in Tuesday Trading
—Najarian has no positions in ZMH.
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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com.