To get morph targets you need to export each morph target object individually as a .obj file, including the unmorphed mesh. Then you need to pass them all to the python convert script found in /utils/converters/obj
:
python convert_obj_three.py -i unmorphedmesh.obj -m 'morphmesh1.obj morphmesh2.obj' -o comppiledTargets.js
and then your morph targets will be populated.
If you want a boned / rigged mesh, I wrote a blog post about detailing the entire rigged 3ds max > threejs export.
It is currently impossible to have both a boned / rigged mesh and morph targets coming from 3ds max. There is an example of both skinning and morphing in threejs, so it's possible, but that model was made in blender.