Random FPS drop during gameplay

I have a relatively simple 2d game which I have been testing on my IOS device. While playing the game, I noticed that the FPS would randomly drop from 60 (the target framerate) to between 20-40. The FPS would go back up shortly after the drop.

I investigated some more by running the profiler and was able to see a series of spikes in the rendering graph. Within the hierarchy I see that the "Semaphore.WaitForSignal" process under "Gfx.WaitForPresentOnGfxThread" spiked to around 50%.

The timeline view shows a jump in several processes' time. One thing I noticed was that the "Camera.Render" task increased in time during the spike and wouldn't go back down even after the spike.

I have attached some screenshots of the profiler. Any help would be greatly appreciated!

Hierarchy View:

Timeline View: