Top trader Najarian sees upside for Bristol Myers

Bristol-Myers Squibb R&D headquarters.
John Greim | LightRocket | Getty Images

CNBC "Halftime Report" trader Jon Najarian bought shares of Bristol-Myers Squibb on Wednesday after spotting unusual activity in the options market.

Najarian, whose CNBC Pro Model Portfolio is up 7 percent this year, believes the bulls are back following a 17 percent drop in the stock from its high in July.

In the past month, shares of BMY are down 7 percent, taking a hit along with the rest of the market. But as the stock appears to consolidate, Najarian thinks the path may be clear for it to move higher.

See his option trade below ...