By Pete Najarian, co-founder of OptionMonster

NEW YORK ( OptionMonster) -- Medical device maker Zimmer ( ZMH) drew some attention from the bears Tuesday.

Shortly after the opening bell, OptionMonster's real-time systems detected the purchase of more than 2,700 October 45 puts for 65 cents. The open interest was just 96 contracts, so this was new positioning.

Zimmer's stock rose 0.82% Tuesday 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 Tuesday to turn a profit, the stock would need to drop at least 14% 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 four times greater than average.

Najarian has no positions in ZMH.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.