FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Carter Martha J. 2. Issuer Name and Ticker or Trading Symbol ALBIREO PHARMA, INC. [ ALBO ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
Chief Regulatory Officer
(Last)         (First)         (Middle)
C/O ALBIREO PHARMA, INC., 10 POST OFFICE SQUARE, SUITE 1000
3. Date of Earliest Transaction (MM/DD/YYYY)
9/11/2020
(Street)
BOSTON, MA 02109
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock  9/11/2020    M    9062  A $24.48  9062  D   
Common Stock  9/11/2020    M    938  A $29.76  10000  D   
Common Stock  9/11/2020    S(1)    10000  D $40.03 (2) 0  D   

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy)  $24.48  9/11/2020    M        9062    (3) 8/20/2027  Common Stock  9062  $0.00  3250  D   
Stock Option (right to buy)  $29.76  9/11/2020    M        938    (4) 11/27/2026  Common Stock  938  $0.00  62009  D   

Explanation of Responses:
(1)  Shares sold pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 20, 2019.
(2)  The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $39.90 to $40.20, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, on request, full information regarding the number of shares sold at each separate price within the range set forth above.
(3)  This option vests and become exercisable in equal installments on the last day of 16 consecutive calendar quarters beginning with September 30, 2017 and ending on June 30, 2021.
(4)  This option vested and became exercisable as to 25% of the underlying shares on November 28, 2017 and the remainder vests in equal installments on the last day of the 12 consecutive calendar quarters beginning with March 31, 2018 and ending on December 31, 2020.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Carter Martha J.
C/O ALBIREO PHARMA, INC.
10 POST OFFICE SQUARE, SUITE 1000
BOSTON, MA 02109


Chief Regulatory Officer

Signatures
/s/ Jason Duncan, Attorney-in-fact 9/15/2020
**Signature of Reporting Person Date