Create an object like a sphere or anything else of your choice. I chose an ellipse.
Highlight your object and click on Transform>Cage Editing>Cage Edit
Now a new dialog box will open. Click on Bounding Box.
Now click Global.
Now you will see a bounding box surrounding your object with points.
Each point can be moved from the box and change the shape of the object. Multiple points and also be moved at the same time.
After clicking on multiple points by holding down shift, I can now drag them to alter the shape of the object.
Here is my object after manipulating the ellipse into the shape I wanted and then rendering in Hypershot.