We study the formation and the dynamics of dipolar rings composed by microscopic ferromagnetic ellipsoids, which self-assemble in water by switching the direction of the applied field. We show how to manipulate these fragile structures and control their shape via the application of external static and oscillating magnetic fields. We introduce a theoretical framework which describes the ring deformation under an applied field, allowing us to understand the underlying physical mechanism. Our microscopic rings are finally used to capture, entrap, and later release a biological cell via a magnetic command, i.e., performing a simple operation which can be implemented in other microfluidic devices which make use of ferromagnetic particles.