AVEO Pharmaceuticals Inc. shares rose as much as 6.2% to $4.01 in extremely heavy morning trade Monday after the company’s cancer drug was approved in Europe. The drug, Fotivda, was approved for adults with advanced renal cell carcinoma — the most common type of kidney cancer — in the European Union as well as Norway and Iceland. Fotivda is being licensed in Europe by Jazz Pharmaceuticals’ EUSA Pharma Inc. The drug was recommended for approval by a scientific committee of the European Medicines Agency in late June, news that sent AVEO Pharma shares surging. AVEO Pharma shares have risen 426% over the last three months, compared with a 1.3% rise in the S&P 500 .
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