Zosano Pharma (NASDAQ:ZSAN) shares are trading lower on Wednesday after the company announced it received a complete response letter from the FDA for its Qtrypta.

Zosano Pharma is a clinical-stage specialty pharmaceutical company. It has developed a transdermal microneedle patch system to deliver its formulations of existing drugs through the skin for the treatment of various indications.

Zosano Pharma shares traded down 27.14% to 45 cents on Wednesday at the time of publication. The stock has a 52-week high of $2.45 and a 52-week low of 40 cents.