Yes, it's possible to find a closed-form formula for hitting a constant-velocity target with projectiles that fall due to gravity. I described the general way to approach this type of problem here.
In this particular case, it's easier to use a frame of reference that falls with gravity. Then the projectiles seem to travel at constant velocity and it's the target that is accelerating upwards. Write the parametric equation that tells you where the target is at time t, and find a time t such that the distance from the origin to the target at time t is t * projectile_speed. The resulting equation is a polynomial of degree 4 in t, which can be solved in closed-form. But a numeric solver would work just fine.